Administrators Secure Palandri BuyerDOWNLOAD
Gary Doran (creditor enquiries only)
+61 (0) 8 9365 7080
Contact: Warrick Hazeldine (media enquiries only)
+61 (0) 8 9485 1254
Contact: Karina Randall (media enquiries only)
Media & Communications
+61 (0) 2 9322 3778
Perth, 21st April, 2008
The Voluntary Administrators of Palandri Wine Group are pleased to advise the sale of certain Palandri Wine Group assets.
The assets have been sold to the privately owned Global Wine Holdings Pty Ltd, following a sale process which involved fourteen parties expressing an interest in the assets.
Deloitte Partner Gary Doran, who along with Neil Cussen and John Greig, are the appointed Voluntary Administrators for the Palandri Wine Group, said the sale to Global Wine Holdings was the best outcome for Palandri creditors.
“The Administrators believe the sale of the business as a going concern was the optimal result for all Palandri stakeholders,” Mr Doran said.
“We received fourteen expressions of interests in acquiring parts of the Palandri Wine Group, and in recent weeks have been in negotiations with short listed bidders and the secured creditors in an effort to maximise returns to all parties.
“Global Wine Holdings bid was selected because it provided the highest return to secured creditors, pays outstanding employee entitlements, contributes cash and other assets by way of a proposal for a Deed of Company Arrangement for the benefit of unsecured creditors, funds the maintenance to the vineyards for 12 months and provides a potential exit for the growers.
“In addition most of Vintage 08 has been sold to Global Wine Holdings which will result in funds being available for distribution to some of the investors. Just as important the transaction results in substantial continuation of business, which will mean ongoing employment and other business opportunities for the Margaret River region,” Mr Doran said.
Global Wine Holdings is a newly formed private company controlled by Mr Xibo Ma – a Chinese entrepreneur who was formerly the second largest shareholder of Palandri Ltd, and has considerable industry interests in China.