Hines Horticulture works to stage turnaround

Hines Horticulture, on the edge of financial default, still hopes to stage a comeback, according to TheReporter.com. Financial statements show the company’s operating income has been negative for the past 12 months.

In August, the company was suspended from the NASDAQ stock market when its share prices fell below $1 each, and then it was completely delisted from the exchange in October. Also in October, the company hired Miller Buckfire, a New York-based consulting firm that handles large-scale restructuring, mergers and acquisitions and debt refinancing.

Jason Matsuura, director of corporate finance for Hines Horticulture Inc., told the paper he could not say what changes the turnaround firm had planned for Hines, but said it is looking at its options.

-- Sarah