Belvedere plan of reorganization decision still slated for Nov. 10

By Jennifer Chiou

New York, Nov. 4 - Belvedere SA announced that an audience gathered on account of its plan of reorganization on Tuesday, with deliberations to come together on Nov. 10 when the plan is presented to the tribunal of commerce at the Court of Dijon.

As already noted, the plan met with approval at an Oct. 12 probate hearing in the Courth of Dijon when 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.

Belvedere previously said that holders representing about €100 million of its series A refundable share purchase warrants, or obligation à bons de souscription en actions remboursables A, had unanimously approved the plan.

Holders of the series B Obsars, however, had not yet reached a quorum and were to hold another meeting.

Belvedere added that holders of its floating-rate notes - as evidenced in their actions against the company's subsidiaries - are against adopting the plan.

The company again noted its lack of interest and lack of amusement at others' efforts to destabilize it.

Also on Oct. 12, 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 on Sept. 12, 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 it had been seeking clarification and details on some 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.

Inquiries may be directed to Jacques Rouvroy (33 03 80 22 93 83) and, for shareholders, to Olivier Balva (olivier@balva.net).

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.