Belvedere plan of reorganization gets approval from Court of Dijon; tribunal to decide on Nov. 10

By Jennifer Chiou

New York, Oct. 13 - Belvedere SA announced that its plan of reorganization met with approval at a Monday probate hearing in the Court of Dijon.

Administrative judge Maurice Picard and representative judges Philippe Maitre and Jean Claude Pierrel authorized the plan and hoped for further approval when the plan is presented to the tribunal of commerce on Nov. 10.

Meanwhile, the company said that it will report its financials on Oct. 30.

Also on Monday, the commissary judge announced the examination of creditor complaints pertaining to floating-rate notes. A decision will be made on Dec. 15.

Belvedere previously said that after it announced changes and some specifics on the plan, each of the creditors declared a letter of credit. As already reported, under the plan, creditors will be repaid up to 100% of the sums that are due to them over a period of 10 years.

The completion of this plan is conditioned, among other things, on the sale of shares as well as operational cashflow.

Previously, the court said had been seeking clarification and details on certain plan aspects.

On Sept. 11, the company issued a release in response to "unfounded allegations" of the Association des actionnaires minoritaires (ADAM). Belvedere stated that the treasury shares in question by ADAM are held by Belvedere Group and will, as a result, be denied voting rights at the next general meeting.

The company said it never has intended to take voting rights into account for the aforementioned shares, despite ADAM's impressions otherwise.

The company also already questioned why ADAM has pursued the "unfounded" accusations against the company, taking into account its recent and ongoing court actions regarding the creditors of its floating-rate notes ahead of its plan of reorganization hearing.

Based in Beaune, France, Belvedere is a producer and distributor of alcoholic and non-alcoholic beverages.

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