AUS: Evans & Tate decision set for December

By just-drinks.com editorial team | 18 October 2007

The future of ailing Australian wine company Evans & Tate will be decided in December, following a creditors meeting yesterday (17 October).

A resolution was passed at this week's meeting, adjourning the meeting until 14 December, when creditors will decide what route to take with E&T. Among the options being considered are winding up the company, ending its administration or executing a deed of company arrangement (DOCA). The latter option would lead to an improved return to the creditors than liquidation.

At the meeting, a representative of E&T's administrator, Ferrier Hodgson, said that adjourning the meeting would allow time for a possible sale to be concluded.

Local reports earlier this month suggested that McWilliams Wines and Pendulum Capital will launch a joint bid for E&T. The McWilliams/Pendulum bid is one of five on a short-list of bidders for the prime assets of the company, a report in The West Australian said.

Evans & Tate went into receivership in August with debts of A$150m.

Sectors: Wine