Evans & Tate is looking to "spread the net wide" in the hunt for a buyer, having today (21 August) gone into voluntary receivership.
The troubled Australian winery confirmed today that it has made the move, having suspended its share trading late last week.
Earlier this month, E&T said it had signed a restructure agreement after a protracted spate of offers. The company was set to team up with Pendulum Investor Group, McWilliams Wines and ANZ Bank.
"On 17 August, E&T received a formal notice (from) ANZ, Pendulum and McWilliams ... (that) stated that, after due diligence, the investor group was not satisfied with the results, and that they reserved their rights to terminate the heads of agreement after Friday 24 August," the company said.
A group of over 25% of E&T's convertible noteholders also said they were unwilling to supportthe proposed transaction.
ANZ Bank, which is owed around A$100m from E&T, subsequently advised the company that it was no longer able to continue offering E&T financial support.
"As a result of these events, and with regret, the board of E&T resolved yesterday to appoint Martin Jones and Bruce Carter of Ferrier Hodgson as administrators of the company," E&T said. "ANZ has indicated that it will appoint representatives from McGrath Nichol as receivers and managers to attend their interests as secured creditor."
Speaking to just-drinks earlier today, a spokesperson for McGrath Nichol said the company will "internationally advertise both in Australia and off-shore, including the west coast of America.
"They'll advertise in the Financial Times, the Asian Wall Street Journal," the spokesperson said. "Basically they'll spread the net wide to see if they can find a buyer.
Asked what time scale a buyer can be found, the spokesperson said: "It's very hard to say. But we believe that fundamentally it's a strong business with strong brands, and that the right buyer can be found."
The spokesperson said that a buyer will hopefully be found "as soon as possible".