• Most Popular
  • Most Shared

Belvedere may sell Marie Brizard unit - Les Echos

Mon Aug 11, 2008 2:20am EDT

Stocks

   

PARIS, Aug 11 (Reuters) - Debt-ridden French drinks group Belvedere (BEVD.PA) is considering selling its Marie Brizard liqueur unit to refocus on its vodka business, business newspaper Les Echos reported on Monday, citing several sources.

Officials at Belvedere could not be reached immediately for comment on the report.

In July, Belvedere was put in a safeguard procedure -- the equivalent of being placed in administration in Britain -- after breaking some of its debt covenants. The company is currently struggling with debt of 425 million euros.

Belvedere shares closed at 82.35 euros on Friday, giving the company a stock market value of around 207 million euros ($314 million).

Belvedere acquired Marie Brizard some 2-1/2 half years ago.

On Aug. 8 there was a shareholders meeting of Belvedere in Talloires, east France, where the company said that several approaches to solve the debt situation were being considered, but no capital increase had yet been retained.

It added that negotiations with the floating rate note holders should begin in early September. (Reporting by Yann Le Guernigou and Sudip Kar-Gupta; Editing by Louise Ireland)



More from Reuters

Photo

U.S. probing if al Qaeda linked to airplane incident

WASHINGTON (Reuters) - The Obama administration said on Sunday it was investigating whether al Qaeda was involved in a Christmas Day attempt to blow up a passenger jet and sought to head off Republican attacks over its anti-terrorism measures. | Video

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets