FRANCE: Belvédère seeks to raise more capital
Belvédère to raise more funds
Embattled French drinks group Belvédère has unveiled plans for the issuance of share warrants and/or the acquisition of shares with the aim of generating EUR115m (US$155.5m) of capital.
The Sobieski vodka maker described the move yesterday (10 February) as "a winning solution for the group, its shareholders and creditors.”
Last month, Belvédère announced it had paid back a further EUR15m of debt in order to silence doubts about its finances. The sum was paid to an executive commission, which is charged by the French courts with overseeing the group’s emergence from bankruptcy protection.
As part of that process, Belvédère has agreed to pay off debts over a ten-year period. It repaid its first tranche of debt, EUR23m, on 10 November last year out of a total of EUR375m.
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