Vintage Wine Estates Files for Bankruptcy, Seeks Nasdaq Delisting; Shares Tumble

MT Newswires Live07-24

Vintage Wine Estates (VWE) said Wednesday it has filed for bankruptcy to address its debt obligations through a structured process and pursue asset sales.

The company said it is seeking to voluntarily delist its common stock and warrants from Nasdaq and to deregister its securities. It expects the delisting to take effect around Aug. 15.

"The decision to file for the voluntary petition for reorganization under chapter 11 was made after a careful evaluation of the company's financial situation and a determination that it is in the best interests of the company and its stakeholders," Vintage said.

The company said selling assets is its best option to overcome liquidity challenges in the wake of the "negative financial headwinds" that it recently experienced. It recently sold Cosentino Winery's real property and equipment to Gene Wines for $10.5 million, which was used to pay down debt.

Vintage said it also intends to enter into a $60.5 million debtor-in-possession financing facility with prepetition lenders following the filing.

The company's shares tumbled about 31% in recent trading.

Price: 0.07, Change: -0.04, Percent Change: -36.52

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