Hines Nurseries Back in Bankruptcy

Black Diamond Capital Management-backed Hines Nurseries has once again found itself in bankruptcy trouble. Hines has filed for chapter 11 bankruptcy protection and secured $5 million of DIP financing. The producer and distributor of horticultural products cites a greater than expected decline in revenue, due to weaker consumer demand and significant increases in production and distribution costs, as the cause of the filing. Black Diamond acquired the company from bankruptcy in 2008.