Utica- A ruling in the Northern District of New York U.S. Bankruptcy Court in
    Utica by Judge Diane Davis on Friday could impact the future of the Nirvana
    Plant outside of Boonville. Judge Davis has authorized the sale of the assets of
    Nirvana and its affiliates, free and clear of all liens, claims, interests and
    encumbrances, subject to terms of the purchase offer, with bids accepted
    through October 9th, If more than one qualified bid is received by the Oct. 9
    deadline, an auction is scheduled for Oct. 14. The sale of the operation as 'a
    going concern' could possibly reverse the decision to stop production at the
    plant, which was scheduled for early September.

    According to Wikipedia, a going concern is a business that functions without the
    threat of liquidation for the foreseeable future, usually regarded as at least within
    12 months. It implies for the business the basic declaration of intention to keep
    running its activities at least for the next year, which is a basic assumption to
    prepare financial statements considering the conceptual framework of the IFRS.
    Hence, the declaration of going concern means that the entity has neither the
    intention nor the need to liquidate or curtail materially the scale of its operations.

    According to the court documents,assets for sale include the property and
    facilities, machinery and equipment, furnishings, fixtures, contracts, accounts
    receivable, inventory, supplies, intellectual property and technology, computer
    hardware and software, permits, authorizations, licenses, financial books and
    records, and goodwill, as well as the names "Nirvana" and Nirvana Spring Water".

    Nirvana filed Chapter 11 Bankruptcy petitions with the court in Utica on June 3rd.
    Approximately seventy people are currently employed at the plant.
Bankruptcy Judge Ruling Could Impact Future of Nirvana Plant
08/05/15 09:30am
Copyright 2015 linkinglewiscounty.com  all rights reserved       privacy policy here
Everything
You Need To
Know About
Lewis County
In One Place!
Like us on Facebook
PLEASE SUPPORT OUR
LEWIS COUNTY
SITE SPONSORS!
Affordable Technical Soltions
Lewis County Businesses:
Become a site sponsor and
support the delivery of
information to our residents!.
For more information click here!
(315)301-4056
Thank You For Visiting
linkinglewiscounty.com!

Send Us Your Feedback!

SITE SEARCH
Lewis County Google Map