Australia's Evans & Tate plans restructuring to include exchange of convertibles

By Jennifer Chiou

New York, Sept. 25 - Evans & Tate Ltd. received the approval from its bank, ANZ, of a proposed restructure of its balance sheet, which includes the permanent reduction of its interest-bearing debt, according to a company news release.

The Wembley, Western Australia-based winemaker said under the plan, it will use a court-approved scheme of arrangement mechanism to restructure its balance sheet by June 30, 2007.

Evans & Tate also said it will consolidate its unsecured convertible notes into new preferred securities at set conversion rates and added it will raise capital under a new preferred security offering.

Evans & Tate said its board backs the plan, which still needs to be finalized.

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