FRANCE: Court places seven Belvedere subsidiaries under administration
The commercial court of Dijon has placed seven of Belvedere's subsidiaries under administration.
In a statement released earlier today (17 July), Belvedere said the court's decision "would protect the group's strategic assets and allow the subsidiaries to take part in operations" to reduce Belvedere's debts, which “remain the priority objective of the group”.
The seven subsidiaries are the Marie Brizard et Roger International wines and spirits producer, two Polish distribution companies - Sobieski and Sobieski Trade - three vodka distilleries in Poland - Destylarnia Sobieski, Destylernia Polmos' w Krakowie and Fabryka Wodek 'Polmos' Lancut – and Domain Menada wine estate in Bulgaria.
Marie Brizard et Roger International's portfolio include the William Peel whisky brand as well as gin, vodka and Cognac brands. Its wines are marketed under the Moncigale brand name.
Belvedere is seeking to repay its debts to creditors through the sale of assets.
For just-drinks' take on Belvedere's travails, click here.
However, a company spokesman told just-drinks that the group "would not be commenting on who or what is for sale”.
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