PIKE NURSERY HOLDING LLC FILES VOLUNTARY PETITION TO REORGANIZE
Normal Operations and Customer Service to Continue Without Disruption;
Company Receives Financing to Support Operations
Atlanta (November 14, 2007) - Pike Nursery Holding LLC today announced it has filed a voluntary petition for relief
under Chapter 11 of the U.S. Bankruptcy Code. The company filed the petition today in U.S. Bankruptcy Court for the
Northern District of Georgia in Atlanta, Georgia (Case # 07-79129-MGD).
Pike officials emphasized that normal nursery operations and customer service will continue without disruption,
including sales, installation and delivery. In connection with its Chapter 11 filing, the company also announced that it
has secured an $11.75 million debtor-in-possession (DIP) financing facility to fund its operations, including payment of
employee wages and benefits, during the reorganization process.
"Our core Atlanta area market is currently suffering from the worst drought in over 100 years. This extended drought
and resulting water use restrictions have had a material detrimental effect on our business. After careful consideration
we concluded that a Chapter 11 restructuring represents the best long-term solution for Pike," said Scott Schnell,
Chairman and CEO of Pike Nursery Holding LLC.
The restructuring will allow the company to reduce its debt levels, improve its balance sheet, and align its business
strategy and operational structure with the current climate and market conditions.
"We appreciate the ongoing loyalty and support of our customers, employees and vendors. Their dedication and hard
work is critical to our success. We remain committed to the success of Pike and have confidence in our ability to
overcome the challenges presented," said Schnell.
Pike Nursery Holding LLC, headquartered in Norcross, Georgia, is one of the region’s leading nursery and garden center
retailers, serving wholesale and retail customers through 22 locations in Georgia, North Carolina and Alabama.
About Pike Family Nurseries
Pike Family Nurseries is the largest independently owned complete garden center with the largest and healthiest selection of
plants and products. Pike Family Nurseries offers incredible customer service with staff members that are Southern gardening
experts. Pike’s Certified Plant Professionals offer in-depth knowledge and expert advice, helping customers create the perfect
outdoor environment. Founded in 1958 by William "Pete" Pike, Pike Family Nurseries has grown to become a business with more
than 700 employees, 22 Atlanta area locations and additional locations in Birmingham, AL and Charlotte, NC. Pike Family
Nurseries is headquartered in Atlanta. For more information please visit www.pikenursery.com or call 770-921-1022.
MEDIA CONTACT:
Wayne Juers, Pike Family Nurseries
wjuer@pikenursery.com
(404) 606-3862