Evans & Tate has hit another bump in its attempts to restructure. The ailing Australian wine company still believes, however, that an alternative path can be found.

Last month E&T secured a Heads of Agreement with its bank, Australia and New Zealand Banking Group. The agreement allowed for relevant security holders to approve the issue of 409m shares to ANZ and a strategic third party co-investor, thereby reducing E&T's interest-bearing debt to sustainable levels.

Speaking today (13 June), however, the company said it was notified last week by ANZ that it has terminated the agreement, due to its inability to find a co-investor. E&T also said, however, that it has received "an alternative offer for financial restructure of the company".

Subsequently, the wine company requested a suspension in its share trading "whilst the details of this alternative offer are being negotiated and finalised.

"A further announcement will be made as soon as possible," E&T concluded.

E&T is in debt to ANZ to the tune of around A$90m (US$73m).