Park Seed sold for $13M at bankruptcy hearing
COLUMBIA, S.C. (AP) – The Park Seed Co. whose famous catalog heralds that spring is near has been sold to a Maryland firm that focuses on underperforming companies.
A federal bankruptcy judge accepted Blackstreet Capital’s bid Monday to buy the troubled Greenwood seed company for nearly $13 million.
Blackstreet also promised to keep the company’s roughly 200 permanent employees on the payroll for at least three years or pay $1.5 million in penalties split between the estate of company founder George W. Park, the state and Greenwood County.
Three companies furiously negotiated in a Columbia courtroom.
Blackstreet’s bid increased by more than $4 million in less than four hours.
Park Seed has been headquartered in Greenwood since 1924 and helps with a popular annual flower festival.
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