Friday, 24 July 2020

McWilliam's wine brand saved

McWilliam's - one of the most famous wine brands in Australia - will live on. 


McWilliam’s creditors today voted to secure company’s future with KPMG administrators 
confirming that "creditors of McWilliam's Wine Group have voted in favour of the Deed of Company Arrangement (DOCA) put forward by global capital and asset management firm, Prcstnt Asset Management (Prcstnt)".

“McWilliam’s creditors have voted to accept the re-capitalisation proposal put forward by Prcstnt and  this is an extremely positive outcome for all involved, especially in the current challenging economic environment," Gayle Dickerson, Restructuring Services Partner for KPMG Australia. 

"Not only will unsecured creditors likely receive full repayment of their debts owed, it preserves ongoing employment for all McWilliam’s staff and a possible return to existing shareholders.”

KPMG Australia Restructuring Services Partners Gayle Dickerson, Tim Mableson and Ryan Eagle were appointed as administrators to McWilliam’s Wine Group on January 8, 2020.

Prcstnt  is expected to assume full control of McWilliam’s by October 2020.

McWilliam’s Wines Group is an unlisted publicly owned company with a history dating back across six generations of family ownership.

It has an extensive product range marketed under a portfolio of owned brands, including McWilliam’s and Mount Pleasant with production in the Hunter Valley and the Riverina. 

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