AUS: Cockatoo Ridge Wines gets lifeline
Cockatoo Ridge charts course for recovery
Administrators for Cockataoo Ridge Wines have signed a deal with creditors that could ensure the Australian wine company's survival.
Creditors to the collapsed wine group signed up to a Deed of Company Arrangement that will preserve the "corporate shell" of Cockatoo Ridge Wines, administrators announced yesterday (19 May).
The deal has thrown a lifeline to the group, which in January took itself into administration after succumbing to a tough period for the Australian wine industry.
Yesterday's deal also allows the Cockatoo Ridge to retain all current employees as well as draw up a plan to raise equity and reorganise share capital, said administrator BDO.
Creditors have agreed to establish a Creditors' Trust, which will pay registered creditors dividends in relation to their claims. It is hoped that non-participating creditors will have their debts covered by the future performance of the reorganised company.
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