Vintage Wine Estates Shares Sink on Bankruptcy Filing

Dow Jones07-24

By Don Nico Forbes

Shares in Vintage Wine Estates tumbled after the company filed for bankruptcy citing headwinds which have severely impacted its liquidity position.

Shares fell 32% in premarket trading to 8 cents.

The winery operator said it explored several solutions to overcome its liquidity concerns, but concluded that the monetization of all assets was most viable path forward to maximize value.

Vintage Wine Estates said it expects commercial operations to continue largely as normal.

"This process is intended to establish a fair, structured process for VWE to address outstanding debt obligations while the business pursues the sale of its assets," it said.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

July 24, 2024 07:47 ET (11:47 GMT)

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