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Nirvana Plant to be Purchased, Employees Will Keep Jobs

Nirvana Plant to be Purchased, Employees Will Keep Jobs
By Melissa Krull
Updated Friday, November 20, 2015 at 09:22 PM EST

11/17/2015 06:04 PM
ONEIDA COUNTY, N.Y. -- It was back in June when bottled water company Nirvana declared bankruptcy.
About six months later, after hours of negotiations, and more than one auction, a bid on the facility for $5,740,000 placed by Alder Creek was accepted Friday evening.
Alder Creek was just one of the several companies interested in Nirvana.
"The reasons that they were having trouble were pretty complex, and it's not unusual to have lots of bidders show up because they see the opportunity, and they see the inherent value in the business," said Harold Bordwin, the Keen-Summit Capital Principal and Managing Director.
Keeping the jobs of the employees was a priority throughout the process.
"That was really the biggest concern for the debtor and for the lenders," Bordwin said. "Everyone was very cognizant of the employees, and going into the holiday season, I wanted to make sure there was no shutdown."
Off-camera, the mayor of Boonville said he was excited by the news that jobs are staying because it would have been "devastating" if they were cut. As soon as Monday, Alder Creek representatives can visit the facility.
"I don't know exactly what's going to happen," Bordwin said, "and I'm sure that the business is gonna be run differently because if it doesn't run differently, it'll be a money-losing business. So they've got to do a lot to turn this business around, and hopefully those changes are going to be very positive and productive."
A representative of Alder Creek said he's "very excited" about the deal, which is set to be closed in the next 30 to 60 days.

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