US: Inertia Beverage Group rescues New Vine
Inertia Beverage Group has agreed to acquire debts of New Vine, the major California wine shipper that ceased trading amid a bankruptcy warning earlier this year.
Inertia (IBG) said late Friday (5 June) that it has agreed in principle to acquire New Vine debt from Silicon Valley Bank.
New Vine, which counts Beringer, Chateau St Jean and Dry Creek Vineyards among its customers, announced at the end of May that it would cease handling wine shipment orders due to financial difficulties.
"In order to address New Vine's customer needs and allow for their systems and operations to get back online and shipments flowing immediately, IBG will provide interim cash funding to New Vine pending final documentation," said IBG president and CEO Ted Jansen.
"Operations are already gearing up and we are confident in the ability of New Vine's operational team and employees to quickly respond."
IBG already specialises in online, direct-to-consumer wine sales in the US, having recently launched winerevolution.com.
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