Teufel Nursery, a landmark Portland, Ore., garden center and landscaping business that filed for bankruptcy protection in 2009, has paid off a major creditor, according to an article in the Portland Business Journal.
The family owned company, now operated by its fourth generation, satisfied its debt to Textron Financial Corp., which called in a note in 2009. Teufel filed for Chapter 11, Textron sued, and Teufel countersued. Retailer and lender eventually negotiated a repayment plan for the $5.9 million debt.
The nursery, which has sold off property to help raise cash, exited court supervision on Feb. 1, 2010, with a repayment plan for its creditors, according to the article.
Although revenues are still down because of the economy, Teufel has diversified into new landscaping and environmental services such as installing green roofs, living walls, rain gardens and other facilities, particularly in the government and commercial sectors.