AUSTRALIA: Reynolds administrators granted extension
The administrators, PricewaterhouseCoopers, said the Supreme Court of New South Wales had approved the application, and that the second creditors meeting is now likely to be held on or before September 26 2003.
The administrators said they needed more time to review the company's unusually complicated structure.
"Whilst Reynolds Wines Limited owns the vineyards and winery directly, the ownership structure of the Group's assets is complicated by the existence of long term registered leases held by approximately 3,000 individual farmers who have participated in investment schemes," Greg Hall of PricewaterhouseCoopers said.
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