Belvedere announces positive step in plan of reorganization progress

By Jennifer Chiou

New York, June 8 - Belvedere SA announced that it presented the revisions to its plan of reorganization to the Court of Commerce of Dijon, with the court signifying that the company's presentation satisfies improvement of the plan.

With that, Belvedere may now go ahead and circulate the plan projects to creditors for informational purposes.

The Court of Dijon will rule on Sept. 14 on the proposed plan probate.

On May 26, the company announced that creditor claims brought by the Bank of New York Mellon against its affiliate in Poland were rejected, and the bank had to pay legal expenses.

The bank had requested a secondary procedure of insolvency against Fabryka Wódek Polmos HIS, though Belvedere previously reiterated that the creditors are not permitted to go through with any claims in Poland against the affiliates in that country.

The company previously had said it condemns any plans for a case in Poland and restated that these claims are inadmissible. On April 20, the company had stated that the Bank of New York Mellon had not responded to the objection but was given 30 days to do so.

According to a prior communication to the president of the Court of Dijon, the company said that a letter from Sonier and Associates indicated the implementation of secondary procedures in Poland.

On April 16, the company said its plan of reorganization that was put into the courts on July 26, 2005 blocks creditor claims against the company and its MBRI French affiliate as well as its six Polish affiliates.

On March 16, the company said that its creditor trustee is notifying holders of the company's €375 million of floating-rate notes that their reorganization proceeding proofs of claim were not allowable because they did not comply with French law. As a result, the noteholders' claims will not be taken into consideration.

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

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