Gaucho Group Initiates Chapter 11 Reorganization

MT Newswires Live11-14

Gaucho Group (VINO) said Wednesday it has filed for Chapter 11 reorganization to protect its assets, including Algodon Mansion and Algodon Wine Estates in Argentina, and to ensure continued operations.

The Chapter 11 process will enable it to challenge claims by creditors and, if deemed valid, establish a structured repayment plan over time while continuing to operate its business, the company said.

In a regulatory filing Tuesday, the company said it expects to receive a delisting notice from Nasdaq following its Chapter 11 reorganization petition. The stock is expected to be subsequently quoted on the over-the-counter market with the symbol VINOQ, it said.

Shares of the company were down about 47% in recent trading.

Price: 2.36, Change: -2.09, Percent Change: -46.94

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