A bankruptcy judge in Santa Rosa gave final approval Friday to a liquidation plan for the assets of Copia, the failed tax-exempt bond financed nonprofit wine museum in the city of Napa.
At a hearing in late October, U.S. District Bankruptcy Judge Alan Jarolovsky had indicated that he was likely to approve the plan, after attorneys for almost all the remaining parties in the case indicated they had an agreement in principle over resolution of remaining issues.
Copia opened in 2001. The late winemaker Robert Mondavi spurred the creation of the 80,000-square-foot museum and cultural center, which sought to celebrate good food and wine.
After failing to draw enough visitors, Copia filed for Chapter 11 bankruptcy in 2008.
Copia was originally financed with $70 million in tax-exempt revenue bonds issued in 1999 through the California Infrastructure and Economic Development Bank, which were refunded in May 2007 with a $77 million bond issue, also through the I-Bank.
ACA Financial Guaranty insured both transactions.
The liquidation plan, proposed by ACA and Copia, calls for the sale of the former downtown Napa wine museum property for the benefit of the bondholders.