Belvedere: Rouvroy, Trylinski/funds dispute does not involve group

By Jennifer Chiou

New York, June 24 - Belvedere SA said that the day before its general meeting, a disagreement involving chief executive officer Jacques Rouvroy and Christophe Trylinski and their exclusion from two London investment funds has come to light.

The two funds have seized company shares held by Rouvroy and Trylinski, and they are looking to exclude the men from those securities for a period of three years, Belvedere said in a release.

The company sought to emphasize that the dispute involving the two men does not also cast a net on the Belvedere group.

According to the release, Belvedere believes that the funds are just looking to spread word about the dispute - something Belvedere said holds "no consequence" and will be "dismissed" in time - as widely as possible in the press.

A week ago, the company announced its stance against a €375 million declaration of global debt from the Bank of New York Mellon along with Natexis and Raiffeisen Polska. A hearing was convened in the Court of Dijon to decide on the admissibility of the debt.

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

This follows the Nov. 10, 2009 approval of the company's €560 million plan of reorganization in the Court of Dijon. Under the plan, creditors will be repaid up to 100% of the sums that are due to them over a period of 10 years.

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

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