Winery still struggling |

Winery still struggling

Indian Springs Vineyards of Penn Valley, currently ensnared in bankruptcy proceedings, had an operating loss of $158,721 during August.

In documents filed with U.S. Bankruptcy Court in Sacramento on Sept. 20, the winery also reported it had a cash balance of $285,725 at the end of the month. Total liabilities exceeded assets by more than $4.5 million, according to the report.

Indian Springs, believed to be the largest winery in Nevada County, filed for bankruptcy June 15, just hours after an Oregon bank asked the county Superior Court to place the winery in receivership.

The plaintiff, PremierWest Bank of Medford, Ore., alleged in its suit that the winery and general partner Dennis W. Ball defaulted on more than $4 million in loans. Indian Springs also owes TransAmerica Life Insurance Co. $4,250,000.

Bankruptcy Judge Christopher M. Klein has ordered Ball and his daughter, Karen Swink, also a general partner in the winery, to file personal statements of assets and liabilities with the court by Oct. 15.

Those statements will be placed under seal, and lawyers from both sides are prohibited from revealing their contents, according to the judge’s order.

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