Park Seed to be sold at bankruptcy hearing

COLUMBIA, S.C. - A new firm is the favorite to take over Park Seed Co. in South Carolina and its more than 300 employees in Greenwood.

Verdero Capital emerged today in federal bankruptcy court as the preferred bid of the bankruptcy trustee. The New York City firm offered nearly $9 million to pay the debts of Park Seed, whose annual catalog has been the harbinger of spring for more than 140 years.

Verdero also promised to keep Park Seed in Greenwood and keep its employees for at least three years or pay $1.5 million in penalties split between the estate of company founder George W. Park, the state and Greenwood County.

The two other companies can make counter offers. A judge hopes to decide who gets to buy Park Seed before the end of today's hearing.