FRANCE - Belvedere in talks with private equity

The company is currently under creditor protection following creditors’ demands of a full repayment of EUR 375m in floating rate notes following a covenant breach, which occurred when the company repurchased more stock than it was allowed. The company shareholders have appointed Mazars as auditor.

Other options for Belvedere, which is seeking to reduce its current EUR 425m debt burden, include the sale of 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 could also be disposed of, including a plot of land in Krakov, Poland.

Beaune-based Belvedere 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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