AUS: Palandri Wine Group brings in administrators
Palandri Wine Group has gone into voluntary administration.
The Australia-based company confirmed today (27 February) that it has appointed three administrators at accounting firm Deloitte to consider its future. The same administrators were appointed to Palandri Finance Pty earlier this month.
"The purpose of the appointment is to provide a moratorium period to assess the viability of the business, to evaluate and if possible complete the refinancing proposals the Palandri directors have been pursuing and in the alternative explore all the other restructuring options for the group," Deloitte said.
The administrators intend to continue the wine business, including commencing Vintage 2008 in the next week.
The companies affected by the move are Palandri Ltd, Palandri Wine Production Limited, Palandri Wines Limited, Margaret River Wine Investments Limited and Palandri Management Limited.
"The voluntary administrators will be assisted by experts from Deloitte's Wine Group and will report back to creditors at the first meeting which will be held on 7 March," Deloitte added.
In late-2006, Palandri said it was seeking a listing on the Australian Stock Exchange, replacing its presence on London's Alternative Investment Market. The company has since failed to make the move.
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