Home / Business and Economy / Napa Winery Faces $36M Debt, Seeks Canadian Buyers
Napa Winery Faces $36M Debt, Seeks Canadian Buyers
2 Sep
Summary
- Signorello Estate faces over $36 million in debt.
- The winery seeks Canadian investors to avoid closure.
- A 2017 fire caused significant damage and rebuilding costs.
Signorello Estate, a Napa Valley winery with a history dating back to 1977, has filed for Chapter 11 bankruptcy protection. The owner, Raymond Signorello Jr., reported that the winery owes its lender, American AgCredit, more than $36 million. This financial pressure intensified following significant damage from the 2017 Atlas Fire, which destroyed the original winery and laboratory. Rebuilding efforts over the subsequent seven years were reportedly twice the original budget and faced permitting delays. An insurance dispute further complicated matters, leading to substantial legal costs and an unfavorable settlement.
Despite reopening in 2024 with a local design award, the winery encountered a challenging market with declining post-pandemic sales. Signorello Jr. hopes to sell the estate for as much as $20 million to Canadian investors Amar Doman and Ashley Cooper, pending court approval. This potential sale aims to preserve the business, which has been developed over decades. The winery's future is uncertain, with a previously postponed foreclosure sale scheduled for September 25. Signorello Jr. seeks to avoid the loss of the established business.
