FRANCE: Offers start to come in for Belvedere assets
Receivers have begun to take offers for Belvedere's assets
A senior executive at Belvedere has confirmed to just-drinks that the company's receivers have taken delivery of several offers for some of Belvedere assets.
Late last month, the French company, which has debts in the region of EUR400m (US$518.6m), confirmed that interested parties have until 14 December to submit offers for any of its assets.
Speaking to just-drinks earlier this week, Xavier Degroote, international development director for Belvedere’s French liqueurs business, Marie Brizard, confirmed that offers have been received already. Degroote was unable to state who they were from or how much they were for, however.
“The situation (for Belvedere) has been difficult for some years - since 2008,” he said. “The difficulty is to explain the situation to customers and suppliers. Fortunately demand for our products is there.”
The Marie Brizard division remains profitable, Degroote added, highlighting that the unit continues to invest in new markets, including South Korea and Vietnam.
“We have learned not to stop,” he said. “It is business as usual.”
Belvedere has seen its full-year net losses more than double as sales in 2012 slipped slightly....
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