FRANCE: Belvédère puts Marie Brizard sale on hold
Belvedere has held back from putting Marie Brizard up for sale
Belvédère has confirmed that it has put the sale of the Marie Brizard subsidiary and its distribution activities in Poland on hold, citing “strategic reasons.”
In a statement yesterday (13 December), Belvédère said it had “preferred” instead to relinquish some of its interests in the US totalling EUR48m - which it had announced at the beginning of last month. Belvédère confirmed that it had reimbursed the sum of EUR23m - the first tranche of its debt repayment programme, on 10 November, “in conformity with a court of appeal decision”.
The statement added that the group had also reduced debt by EUR25m through the issue of more shares.
Asset sales have been a central plank of the embattled French drinks group's plan to repay EUR375m (US$505.2m) of debt to creditors and emerge from bankruptcy protection in France.
A court will render judgment on 7 June on Belvédère's appeal against a commercial tribunal verdict that terminated the embattled drinks group's protection plan from creditors....
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