FRANCE: Belvedere gets debt restructure okay, plans Danzka sell-off
By Stuart Todd | 21 March 2013
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Bevedere has sold off the Danzka vodka brand as part of its battle with high debt levels |
Belvedere has been granted court approval for its debt restructuring plan, while the French spirits group has also lined up the sale of its Danzka vodka brand.
The Dijon commercial court has approved the company's proposal this week, which will see creditors take 87% of its capital. Current shareholders, which include actor Bruce Willis, will subsequently see their stakes reduced to a pro rata share of the remaining 13%.
As a result of the move, private equity asset management firm Oaktree Capital Management becomes Belvedere's premier shareholder with a 38% holding. Oaktree, which also owns the central and Eastern European spirits producer, Stock Spirits, will only have 19.9% voting rights, however.
The court underlined that the plan does not entail staff redundancies.
In a separate judgement, the court has approved the sale of its Danzka vodka brand. Belvedere bought the Danish brand from Sweden's V&S Group in 2006 for an undislcosed sum.
Belvedere has been under judicial administration for a year, as it has struggled with debts estimated at EUR672m. The majority of the firm's debt has stemmed from its acquisition of the owner of the Marie Brizard liqueurs brand, Marie Brizard & Roger International, in 2006.
Expert analysis
Belvedere S.A. (BVD) - Financial and Strategic SWOT Analysis Review
Belvedere S.A. (Belvedere) is a France-based multi-class alcoholic beverages company. It carries out the production and distribution of alcoholic beverages such as vodka, spirits, wines, whisky and specialty alcoholic products like Gin and so on. The company provides vodka under various brand names, such as Sobieski, Danzka, Balsam Pomorski and Zawisza, among others. It offers whisky under William Peel, Canadian’s Tippers, Sir Pitterson and Glen Roger's brands; while other spirits brands include Curacao Pastis Berger, Bleu, Old Lady’s Gin and Triple Sec, among others.
Sectors: Mergers & acquisitions, Spirits
Companies: Belvedere, Marie Brizard
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