AUS: Pendulum swings for Evans & Tate
Debt-stricken winemaker Evans & Tate appears set to escape financial collapse after its bankers agreed to a financial restructure today (18 June).
"It's been quite a long battle," said Max Fowles, whose Pendulum Investor Group will be E&T's cornerstone investor under the restructure. "It's a significant trademark in West Australia, a big operation, so it's good to see if we can help."
The deal will see ANZ Bank take a 64% stake in E&T in return for erasing A$45m (US$37.9m) of the $100m debt it is owed by the winemaker.
Pendulum, jointly-owned by winery investor Peter Fogarty, will then buy half of ANZ's shares for an undisclosed sum, after which E&T will raise $16.7m in capital through a rights issue to be fully underwritten by ANZ and Pendulum.
Fowles said the ANZ plan that was abandoned last week would have left E&T with insufficient funds because it only included a $5m capital raising.
Fogarty, who owns wineries in the Hunter Valley and Margaret River, has ruled out merging his other assets with E&T.
Late last week, speculation mounted that Yarraman Winery is considering a fresh bid for E&T. Australian press said on Thursday (14 June) that Yarraman is considering a fresh bid, after reports claimed that E&T's board had been discussing potential offers and restructuring proposals.
The sale of Evans & Tate is finally expected to close next week, local reports have claimed....
McWilliams Wines is set to become the new owner of collapsed West Australian winemaker Evans & Tate....
The future of ailing Australian wine company Evans & Tate will be decided in December, following a creditors meeting yesterday (17 October)....
Foster's Group Limited has entered into a new lease over two Australian vineyards from the Challenger Wine Trust....
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