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Teufel Nursery sprouts again

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High Five
Friday, February 05, 2010

When Teufel Nursery lost its sole lender last year, the commercial landscaping firm was forced to file for Chapter 11 bankruptcy.

But Teufel remained in business during the bankruptcy proceedings - even doing landscaping work at the Allison Inn & Spa in Newberg - and is now reorganizing under a court-approved plan.

The bankruptcy court approved a reorganization plan for Teufel Nursery this week, clearing the way for the company to repay its debts and move on. The company owes $5.9 million, which includes the original loan, all money due to creditors and various fees. The back-and-forth lawsuits have been dismissed.
Company President Larry Teufel, a fourth-generation owner, said Thursday that the business will be debt-free in four years. The company will operate on a cash basis for the foreseeable future and won't seek outside financing. Hauenstein, the financial officer, still works for the company.

Read the full story at OregonLive.com.

{biztweet}Teufel Nursery bankrupt{/biztweet}

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