The creditors and bond holders of Belvedere have approved proposals for the settlement of liabilities.

The company, which has been mired in financial difficulties of late, said earlier today (20 September) that the proposals will be voted on at a shareholders' assembly to be held no later than 20 March. The assembly will consider two alternative scenarios - one that allows the company to sell assets to repay its creditors, the other that converts creditors' claims into share capital.

"My priority was to deleverage the group and to terminate the legal proceedings which have slowed Belvedere in its development over the past four years," said company CEO Krzysztof Trylinski.

"Subject to a positive vote from the shareholders, who are being asked to make a significant but decisive effort, Belvedere will be able to resume its innovative business approach which have allowed its brands to rapidly gain a major position in their respective markets.”

Last month, the company, which owns the Sobieski and Marie Brizard spirits brands, posted a slight lift in net sales for the six months to the end of June. Belvedere is still struggling with debts, however, which are thought to total in the region of EUR400m (US$518.6m).

To read Belvedere's official statement, click here.