AUS: Rollercoaster ride continues for Evans & Tate
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).
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....
- Why Scotch must drop the 'malts good, blends bad'
- Pernod's mood darkens over India - Analysis
- Heineken Q1 2017 by region - results data
- Remy Cointreau Fiscal-2017 sales - results data
- Soft drinks is losing the recycling game
- Diageo to cut 105 jobs in Scotland, 50 in Italy
- Scotch sales set to soar, despite recent struggles
- Edrington shifts innovation to US in shake-up
- TWE's Beringer Main & Vine Dry Rosé - NPD
- Pernod Ricard posts solid YTD sales jump - results
- Global Champagne and sparkling wine insights - market forecasts, product innovation and consumer trends
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Myanmar - ISA Country Report
- Top Trends in Hot Drinks 2017