AUS: Palandri Wine Group in liquidation
Administrators for the Palandri Wine Group have announced that the Australian firm is to be liquidated.
The firm's creditors have voted to back the liquidation plan, administrator Deloitte said this week.
It recommended the move, "as the return to creditors was likely to be higher if the group was wound up than it would be under a proposed Deed of Company Arrangement".
The vote means the end of the line for Palandri, which had announced its intention to list on the Australian Stock Exchange in late 2006.
The Deloitte administrator team, which will also act as liquidator for the group, said this week that it was still investigating "unusual transactions" made by Palandri.
Deloitte sold several Palandri assets, including its brands and the Margaret River winery, to Global Wine Holdings in June.
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