A deal for Spanish wine group Marques de la Concordia could be done within the year after the business went bankrupt last year, creditors say.
Plans for the company’s future were put to a hearing in Madrid by European private capital manager Metric Capital, Marques de la Concordia’s largest creditor and a shareholder in the business.
Metric Capital told Just Drinks it put the company into bankruptcy in “early 2022”. However, it declined to comment directly on more recent proceedings.
It did confirm its proposal received support from the majority of Marques de la Concordia’s existing creditors, including Spain’s tax agency Agencia Tributaria, other financial institutions and suppliers.
Metric Capital also confirmed details run by domestic newspaper Expansión, which reported the plan was accepted by 62.47% of creditors representing €17.6m ($18.5m) of debt – it must receive at least 50% acceptance to pass.
Expansión reported that the company was €64.4m in debt.
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Proposals for the sale include wine production and marketing, as well as all staff, and capitalisation of credits.
The deal would also see the private capital manager up its share in the business from 40% to 50%.
In parallel to the agreement approval, the court is also debating liability for the bankruptcy. As part of the investigation, the current owners have reportedly been accused of stealing goods.
Marques de la Concordia owns and manages wineries in Rioja and Ribera del Duero. Its portfolio of brands includes Vega Reina, Paternina, Rioja Santiago, Lagunilla and Marques de Monistrol. As well as wine it produces vermouth, muscat, gin and rum.