US: Bootie Beer files for bankruptcy
Bootie Beer Co. has filed a voluntary petition under the provisions of Chapter 7 of the US Bankruptcy Code in a Florida court.
The subsidiary of TMT Capital Corp. filed for bankruptcy protection on Monday (31 December), the company said. Bootie's creditors will be notified in writing how to contact the trustee.
TMT Capital CEO Tania Torruella said: "This action is the necessary and a responsible step to preserve TMT Capital Corporation's value for our creditors, customers, employees, subsidiaries, business partners and other stakeholders. We are saddened by this action and the circumstances that necessitated it, but our first priority remains our shareholders. We are committed to provide them shareholder value and this action will improve operations by permitting an independent trustee to investigate and process Bootie's assets and liabilities."
Last May, Bootie Beer posted a large dip in net losses for the first three months of this year. The US company said that net losses for the quarter rose to US$17.3m, against losses of $2.9m in the corresponding period a year earlier.
- Review of the Year 2014 - Part V: Wine
- just Five Years Ago - Belvedere Group's Bumpy Ride
- Review of the Year 2014 - Part IV: Spirits
- Cuba-US Normalisation: Bacardi, Pernod Winners?
- CCE shows faith in Coca-Cola Life with full launch
- Campari to bag EUR19m with "non-core" assets sale
- Pernod wins consent for Glenlivet upgrade
- Tequila set for export boost after record 2014
- Pernod agrees Caribe Cooler sale to Grupo Bepensa
- Crimson Wine Group appoints new CEO