FRANCE: Belvédère gets debt repayment reprieve
French wine and spirit company Belvédère has been placed in judicial protection and is now exempt from debt repayment for six to 12 months.
The company was given legal permission to go into administration last Wednesday (16 July), on the grounds that it could not pay a debt of EUR375m (US$580m) in the immediate future.
Belvédère, one of the largest vodka producers in the world, is due to pay back creditor bonds (known as Floating Rate Notes) worth up to EUR375m in September, but currently lacks the finances to do so, with only a reported EUR135m of available funding.
Having borrowed a substantial sum of money to buy another French spirits company, Marie Brizard, in 2005, the company has recently been selling non-core assets, and was suspended from trading on the French stock exchange last month.
Belvédère founder Jacques Rouvroy today told French newspaper Les Echos that the company's aim was to seek another investor and maintain control of the company.
"Our aim is to go from currently selling 11m cases of vodka, to 25m in three years," Rouvroy added.
Constellation Brands posted a 30% drop in third-quarter net income this week and lowered its profit outlook, hit by the effects of the global downturn on its major markets. Michelle Russell assesses r...
The economic downturn signals further bad news for the still wine sector, which has already seen contraction in established markets. However, Rob Walker, senior drinks analyst at Euromonitor Internati...
Wine, beer and spirits sectors in the UK have united to press the government to abandon its plans for more duty tax rises this year....
Drinks Americas, the US-based spirits group, has said it has completed its acquisition of Olifant Vodka....
Global Brands has signed a three-year listing at The O2 arena in London for its VK Vodka Kick brand....
The three leading distillers in the Czech Republic all reported a sales rise in 2008, indicating that global economic problems have yet to bite....
Blavod Extreme Spirits has posted a strong rise in sales volumes for its third quarter....
Constellation Brands has lined up the sale of most of its spirits business, which consists of over 40 different brands, to Sazerac Company....
- Why consumers don't care about vodka's provenance
- Pernod Ricard's FY Performance by Region, Brand
- Japan follows in Scotch whisky's footsteps
- Brown-Forman's Q1 Performance by Region, Brand
- Pernod Ricard's FY fiscal-2015 - Preview
- Diageo launches glass Bulleit & Cola bottles
- Pernod Ricard "in line" after full-year results
- Pernod Ricard releases social medial guide
- Bruno Mars rum rolls out across US
- Brown-Forman CEO unfazed by FX headwinds
- Global gin insights - market data, product innovation and consumer trends research
- Future growth opportunities for global spirits
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research