US/UK: Cosentino director exits ailing wine group
The financial problems at Cosentino Signature Wines have led to a key executive leaving the company.
Neville Calvert, who was the executive director in charge of business development at Cosentino, has left the wine group after it decided to focus its energies on tackling lean sales and rising debts.
Cosentino CEO Keith Smith said: "With the necessary suspension of the company's M&A strategy Neville's role as an executive director responsible for development activity has become redundant."
In November, the Californian wine producer warned that sales to wholesalers had failed to meet expectations and that debts had risen to US$22.5m.
Cosentino Signature Wines has posted a massive loss for last year....
Cosentino Signature Wines has secured further backing to finance its debts....
The chief executive of Cosentino Signature Wines has resigned from the company as a condition for the California-based wine group securing a US$3m loan....
Cosentino Signature Wines has been granted a stay of execution on its debt facility....
Cosentino Signature Wines has warned that operating losses for 2006 will come in slightly higher than expected....
Ailing Californian wine group Cosentino Signature Wines has secured a further two months of debt finance, the company said today (11 December)....
Cosentino Signature Wines has agreed the terms of subordinated loans totalling US$1m from company directors Larry Soldinger and Michael Forman....
Californian wine producer Cosentino Signature Wines has issued a downbeat trading update with warnings on low wholesale sales and rising debts....
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