Cosentino Signature Wines has been granted a stay of execution on its debt facility.

The Napa Valley-based winery said yesterday (6 February) that its senior lender has agreed to extend the maturity date of its US$18m debt facility to 31 March. The move is subject to the subordinated lender agreeing a corresponding extension on its $5m debt facility to 31 March, and Cosentino having complied with all the conditions to such extension.

Earlier this year, Cosentino warned that operating losses for 2006 would come in slightly higher than expected.

In a trading update in January, the company noted that, while revenues grew last year, operating loss was likely to be in the region of US$3.4m.