Belvedere, creditors must work out resolution independently: court

By Jennifer Chiou

New York, June 8 - Belvedere SA announced that the Court of Dijon has not granted the company's request to reform the tribunal's April 4 decision, and since the company's plan of reorganization was previously approved and the company has emerged, Belvedere is left to its accord to reach agreements with its creditors in a timely manner.

The court stated in a Tuesday release that it is in the interest of the company, creditors, shareholders and other investors that Belvedere work together to resolve disputes with those parties.

Belvedere said that it remains open to reaching an agreement with its principal creditors.

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 are to be repaid up to 100% of the sums that are due to them over a period of 10 years.

According to a prior company release, the plan covers the €410 million of floating-rate notes, comprising €375 million principal and €35 million of finance charges.

Since the plan of organization came together on July 16, 2008 prior to its confirmation in 2009, Belevedere already noted that financers have in effect declared a total of €14 billion of claims despite the global debt amounting to €375 million.

In June 2010, the company proclaimed its stance against a €375 million declaration of global debt from the Bank of New York Mellon along with Natexis and Raiffeisen Polska. Belvedere did not, however, contest the declaration of €158 milllion of floaters held by hedge funds.

In April 2010, 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.

© 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.