AUS: Global Wine moves to reduce debts
Global Wine Ventures has said it hopes to significantly cut debt within six months.
The struggling Australian wine group, formerly called Xanadu Wines, plans to collect between A$3.5m and A$4m (US$2.6m to US$3m) of debt as it continues the restructuring of the business. The company was sold in Juneto RW Group, a company associated with the Rathbone family, for A$26.16m amid falling sales and rising debts.
Chairman Graham Keys said he was confident the debts would be cleared in the short term.
"It is going to be six months while we settle down the financial position of the company," Keys said. "We are already taking steps to move forward, but really, until we figure out the number of liabilities we have got there, we really can't go forward positively.
Global Wine is close to renegotiating two contracts with grape growers and hopes to reduce the amount of fruit it has to buy. It is also working on new manufacturing plans with possible joint venture partners.
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