Palandri Wine Group appoints Voluntary Administrators
Corporate Reorganisation Group
+61 (0) 8 9365 7163
Contact: Warrick Hazeldine
+61 (0) 8 9485 1254
Contact: Vessa Playfair
Media & Communications
+61 (0) 2 9322 7576
Perth, 27th February, 2008: Neil Cussen, John Greig and Gary Doran from professional services firm Deloitte have been appointed as Voluntary Administrators of all the companies within the Palandri Wine Group (the Group). On the 15 February, the same Voluntary Administrators were appointed to Palandri Finance Pty Ltd.
The purpose of the appointment is to provide a moratorium period to assess the viability of the business, to evaluate and if possible complete the refinancing proposals the Palandri directors have been pursuing and in the alternative explore all the other restructuring options for the Group.
The intention of the Voluntary Administrators is to continue the wine business, including commencing Vintage 2008 in the next week.
The Voluntary Administrators are in discussions with the secured creditors of the Group and believe that maximising the return to all stakeholders, very much depends on continuing the core wine business as a going concern, including completing Vintage 2008.
The Palandri Wine Group is a complex structure with many stakeholders including secured creditors, employees, trade suppliers, managed investment scheme investors, international distribution agents, customers and shareholders. The companies over which Messrs Cussen, Greig and Doran have been appointed are Palandri Ltd, Palandri Wine Production Limited, Palandri Wines Limited, Margaret River Wine Investments Limited and Palandri Management Limited.
The Voluntary Administrators will be assisted by experts from Deloitte’s Wine Group and will report back to Creditors at the first meeting which will be held on 7th March 2008. Further details will be distributed to Creditors within the next 24 hours.