Belvedere to await September ruling on €375 million of global debt

By Jennifer Chiou

New York, June 16 - Belvedere SA announced that a hearing was convened in the Court of Dijon on Wednesday to decide on the admissibility of a €375 million declaration of global debt from the Bank of New York Mellon along with Natexis and Raiffeisen Polska.

After hearing arguments from the present parties, the court said it will next be in session on the matter on Sept. 21.

In April, the company said that holders exercised 266,660 of their refundable share purchase warrants, or bons de souscription en actions remboursables 2006 (ISIN FR0010304733). According to a prior company release, payment was made in the form of 173,329 bonds, or obligations An (FR0010304774).

As a result of these transactions, Belvedere previously said it was able to reduce the group's debt by €11 million in less than two months.

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

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