UK: Cosentino agrees loan terms with directors
Cosentino Signature Wines has agreed the terms of subordinated loans totalling US$1m from company directors Larry Soldinger and Michael Forman.
The two directors have agreed to offer the loans to provide financing over the next two months, while talks on refinancing continue.
Soldinger has advanced an amount of $350,000 and undertaken to advance a further $250,000 by the end of this year, while Michael Forman has advanced $400,000.
The directors of Cosentino, aside from Soldinger and Forman, said that the terms of each loan are fair and reasonable so far as the company's shareholders are concerned.
Last week (22 November), just-drinks reported that, despite the strong performance of the Cosentino brand, the AIM-listed company was experiencing weaknesses at the wholesale level and rising debts.
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