Startup Company in Castle Rock Files for Chapter 11 Bankruptcy

by San Antonio Attorney

A Castle Rock-based company that started to put up a bottled water business that would supply fancy restaurants filed for Chapter 11 bankruptcy on February 9 in a court in Denver.

SCC Partners began to create branded water named Vaspen, which was named after Vail and Aspen.  The water was obtained from a spring near the Flattops Wilderness Area.  The total liabilities mounted between $10 million and $50 million, according to court papers filed.

Steven Miller, Vaspen founder, stated that the company is going through the phase of restructuring.

Miller added that the company is working hand in hand to move forward with a plan to obtain sufficient financing in order to gain revenues for the exit process.

Miller owns over 90 percent of the company via another business establishment.  The $4.65 million owed to the unsecured creditors is named in the filing, along with $4 million belonging to Miller.

Kenneth Buechler, legally represents SCC Partners Group, has not released an official statement.

The company gets its water supply from Sweetwater Lake, a 77-acre spring.  It owns approximately 500 acres around the lake and has future plans of developing it into a resort and spa.

Last June 2014, Vaspen also had plans of expanding a bottling plant and increase the number of employees up to 50 people.  Vaspen’s aim was to market in several upscale restaurants on white table cloths prior to expanding its brand to grocery and store shelves, according to Times.

Miller revealed in Bloomberg that the company was following the business strategy of Fiji, another bottled water brand.  Vaspen will be bottled in hexagon shaped glass bottles for vanity and inciting consumer interest.

SDR Ventures, a Greenwood Village company, SDR Ventures officially announced in 2010 that it would fund Sweetwater Canyon Club with a total of $7.5 million in debt financing.

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