Spanish wine group Vintae has secured local judicial approval for its restructuring plan of peer Bodegas Riojanas.
In May, Vintae had devised a restructuring plan to buy the Rioja wine business and save it from insolvency.
This plan was then agreed with financial institutions and was approved by Bodegas Riojanas's shareholders the following month.
A regulatory filing this week from Bodegas Riojanas published with Spanish's financial markets regulator the Comisión Nacional del Mercado de Valores (CNMV), said the restructuring plan was given judicial approval after a ruling was granted by the Civil Section of the Court of First Instance of Logroño on Monday (29 June).
The court decision greenlights the proposal to hand a 90% stake in Bodegas Riojanas to Gevisa Wine Capital, the parent company of Vintae.
In May, Vintae had devised a restructuring plan to buy the Rioja wine business and save it from insolvency.
This plan was then agreed with financial institutions and was approved by Bodegas Riojanas's shareholders the following month.
A regulatory filing this week from Bodegas Riojanas published with Spanish's financial markets regulator the Comisión Nacional del Mercado de Valores (CNMV), said the restructuring plan was given judicial approval after a ruling was granted by the Civil Section of the Court of First Instance of Logroño on Monday (29 June).
The court decision greenlights the proposal to hand a 90% stake in Bodegas Riojanas to Gevisa Wine Capital, the parent company of Vintae.
4 months ago
