over a $10 million insurance policy from claims from the Glass Fire. The winery also is engaged in another federal suit with its insurer Mt. Safra contends in the bankruptcy filings that his company has paid $103.6 million of the loan, but because of a current interest rate of 16%, MMG is now owed about $205 million. They had ultimately agreed to retain a broker to sell the property by a certain date, according to a court filing in the bankruptcy case. In subsequent years, the two parties have had to amend the loan and also enter into a forbearance agreement. ![]() It is best known for serving as the backdrop for the “Falcon Crest” TV series that ran 1981-1990 on CBS.Ĭourt documents show the winery has been unable to come to agreement with its lender MMG, which provided Spring Mountain a $185 million loan in October 2018. The winery controlled by Jaqui Safra, who also owns Encyclopaedia Britannica Inc., has 850 acres of property and employs 70 workers. Helena filed for bankruptcy last month as the winery that suffered damages in the 2020 Glass Fire claimed debts from $100 million to $500 million, according to court records. The company also said it expects its wine and spirits business should have net sales from net-zero growth to a 2% decline for the current fiscal year. Gallo Winery a portfolio of more than 30 lower-priced brands for $810 million to pare down its operations.Ĭonstellation also reported its earnings Thursday and noted net sales at its wine and spirits business grew 1% for the past quarter compared to same period a year ago. In January 2021, Constellation Brands sold to E. of Santa Rosa served as an adviser to Constellation Brands on the sale. ![]() The labels included in the deal were Cooper & Thief, Crafters Union, The Dreaming Tree, Monkey Bay, 7 Moons and Charles Smith Wines. The Victor, New York, company that owns Napa’s Robert Mondavi Winery and Healdsburg’s Simi Winery on Thursday sold various brands to The Wine Group of Livermore, which owns the Benzinger Family Winery in Glen Ellen. has sold more of its portfolio as the nation’s fifth-largest wine company downsizes to focus on the premium market.
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