US/UK: Cosentino secures more finance as debts mount
Ailing Californian wine group Cosentino Signature Wines has secured a further two months of debt finance, the company said today (11 December).
Cosentino, which is listed on London's Alternative Investment Market, announced the additional support two weeks after two directors loaned the company US$1m.
Last month, the company said the strong performance of the Cosentino Brand had failed to offset weakness at the wholesale level.
Debts had risen to around US$22.5m and to raise cash, the company had decided to put a hold on acquisitions and seek offers for "certain non-core assets".
Cosentino said it is assessing "additional funding options, such as secured bank debt, sub-debt and additional equity".
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....
The financial problems at Cosentino Signature Wines have led to a key executive leaving the company....
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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