INDIA: Indage Vintners secures lifeline with debt deal
Indage set to survive
Beleaguered Indian winemaker Indage Vintners hopes to reverse a winding up order on its operations after securing a deal to refinance debts.
Indage said yesterday (28 April) that its proposal to restructure loan repayments has been approved by India's Corporate Debt Restructuring Cell.
The news throws Indage a lifeline after a collapse in wine sales and profits saw the company unable to meet debt payments. In March, a judge issued a winding up order on the wine group, which had debts of around INR4bn (US$89m).
"The said proposal will allow the business to get kick started with the infusion of funds from promoters while the lenders will allow the repayments and interest rates to match with the future cash flow of the business," said Indage yesterday.
"The company also believes this will facilitate the ongoing appeal in the winding up order," it added.
Indage has not published full-year figures from fiscal 2009, but net sales for the nine months to the end of December collapsed to INR138m, against INR1.4bn in the same period a year earlier.
The group also sank to net losses of INR483.7m for the period. It reported profits of INR183m in the prior year.
For more details on the fall of Indage, click here.
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