Darrel Jarvis' 10 year attempt to build a global wine group may have come to an end following Palandri Wine Group's decision to appoint voluntary administrators today.
The West Perth-based group was hoping to list on the Australian Securities Exchange, following its de-listing from the London Stock Exchanges' Alternative Investment Market.
Palandri has appointed voluntary administrators Neil Cussen, John Greig and Gary Doran from accounting firm Deloitte.
The same voluntary administrators were appointed to Palandri Finance Pty Ltd on February 15 this year.
In a statement, Deloitte said the purpose of the appointment was to provide a moratorium period to assess the viability of the business, to evaluate and if possible complete the refinancing proposals the Palandri directors have been pursuing and in the alternative explore all the other restructuring options for the group. .
The intention of the voluntary administrators is to continue the wine business, including commencing Vintage 2008 in the next week.
"The voluntary administrators are in discussions with the secured creditors of the group and believe that maximising the return to all stakeholders, depends on continuing the core wine business as a going concern, including completing Vintage 2008," Deloitte said.
The Palandri Wine Group is a complex structure with many stakeholders including secured creditors, employees, trade suppliers, managed investment scheme investors, international distribution agents, customers and shareholders.
The companies over which Messrs Cussen, Greig and Doran have been appointed are Palandri Ltd, Palandri Wine Production Ltd, Palandri Wines Ltd, Margaret River Wine Investments Ltd and Palandri Management Ltd.
The voluntary administrators will be assisted by experts from Deloitte's Wine Group and will report back to creditors at the first meeting which will be held on March 7, 2008.
Further details will be distributed to Creditors within the next 24 hours.
