Gaucho Group Shares Slide Premarket After Bankruptcy Filing

Dow Jones11-13

By Colin Kellaher

Shares of Gaucho Group Holdings plummeted in premarket trading Wednesday after the provider of luxury real estate and consumer goods filed for chapter 11 bankruptcy.

Gaucho late Tuesday said it filed for bankruptcy to protect key assets from actions of a single creditor, adding that it will continue to operate its business as a debtor in possession.

The Miami company said it expects its shares will be delisted from Nasdaq and will be quoted on the over-the-counter market under the symbol VINOQ.

Gaucho also warned that the trading price of its shares may bear little or no relationship to the actual recovery, if any, by shareholders in its Chapter 11 reorganization.

Shareholders are generally wiped out in bankruptcy cases.

Gaucho shares, which closed Tuesday at $4.45, were recently down 45% to $2.46 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 13, 2024 07:39 ET (12:39 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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