Belvedere in talks with private equity

At the time of going to press, Belvedere, the French drinks manufacturer, was in talks with private equity to sell around 400,000 of its listed shares. The company was temporarily under creditor protection following creditors' demand of the repayment in full of EUR375m in floating rate notes following a breach of covenant. The breach occurred when the company repurchased more stock than it was allowed. According to CEO Jacques Rouvroy, other potential buys of the 15% stake in the company include "a foreign company". The company shareholders have appointed Mazars as auditor.

In order to cut its EUR425m debt, Belvedere could sell off its Marie Brizard division, which it purchased in December 2005. Bordeaux-based Marie Brizard was founded in 1755 and is famous for its own brand of anisette, fruit liqueurs and cocktail mixers. Other non-core assets that could be disposed of include a plot of land in Krakov, Poland.

The Beaune-based company originated in Warsaw with its distillery methods being traced back around 600 years. The company specialises in the production and distribution of high-grade vodka.

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