Nirvana sale approved; 70 jobs saved
By Joleen Ferris Nov. 20, 2015
After roughly 13 hours of legal wrangling over two days, a Federal Bankruptcy Court Judge late Friday afternoon approved the sale of Nirvana Spring Water to Alder Creek Beverage for $5,740,000. The buyer's intent is to retain the 70 local jobs and continue to operate the facility, uninterrupted.
The agreement was reached late Friday afternoon, with the judge delivering her decision at approximately 4:45 Friday afternoon.
A principal for Alder Creek Beverage says they are local and formed for the purpose of buying Nirvana.
The business broker who oversaw the deal says something will have to change.
"I don't know exactly what's going to happen and I'm sure that the business is going to run differenlty because if it doesn't run differently, it's going to 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," said Harold J. Bordwin, of Keen-Summit Capital.
An agreement approved by the judge will allow representatives of Alder Creek Beverage to go into the facility and continue its operation as early as Monday, November 23. The sale is expected to close in 30-60 days.