US/UK: Ailing Cosentino secures fresh financing
Cosentino Signature Wines has secured further backing to finance its debts.
The US wine producer, which is listed on London's Alternative Investment Market, said today (2 April) that it has won a two-year extension to its credit facility and obtained a further GBP2m (US$3.8m) in finance.
Larry Soldinger, Cosentino's chief executive said: "This two-year financing package, along with the additional funds already deposited from our proposed new preference share issue, solidly puts the company back into position to successfully execute on our business plan."
Last month, former Cosentino chief executive Keith Smith resigned as a condition for the Napa Valley-based firm securing a US$3m loan.
Soldinger assumed the roles of chief executive and chairman after MCOZ Preferred LLC, a private entity that he controls, provided the funds.
In January, Cosentino said that, while revenues grew in 2006, operating loss was likely to be in the region of US$3.4m. The company is set to announce its 2006 preliminary results on 20 April.
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