FRANCE: Belvédère appeals to creditors for debt deal
Belvédère seeks deal with creditors
Belvédère has appealed to its major creditors to reach an agreement with the embattled drinks group over its debt repayments.
The Sobieski vodka maker's CEO, Jacques Rouvroy, said yesterday (7 June) that a deal with creditors is "in everyone's interest".
His comments came after the court of appeal in Dijon, France, effectively terminated Belvédère's protection from creditors. In a ruling that leaves the group in a precarious financial position, the court upheld an earlier verdict that Belvédère did not respect the rules of its debt repayment plan.
The plan, agreed last year, would have seen the firm pay back EUR375m (US$547.9m) over ten years.
"Belvédère remains open to an agreement with its main creditors with a view to ending a conflict that has lasted too long," Rouvroy said following the ruling.
“Today’s judgment means that Belvédère's creditors could demand immediate payment of what they are owed,” a spokesperson for a law firm representing some of Belvédère's creditors told just-drinks yesterday.
Belvédère has been placed in administration by a French court, according to local reports....
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