The wine company had gone through a high-profile process to find a new investor and the FFWL’s receivership was a necessary step to speed up that process, Gibson told RNZ in May.
The receivers’ first report, released earlier today, said the company owed its bankers $ 211.9 million.
The money owed to the tax department was not yet known, and the report did not disclose the value of its assets due to commercial sensitivity.
“Before our appointment, the [FFWL] and [Villa Maria] has come under pressure due to problems with the group’s capital structure, â€the report said.
“[FFWL] had carried out processes to raise capital and sell land in MÄngere, Auckland, which is surplus to its basic operational needs. “
Since our appointment, we have continued the existing sales process for Villa Maria, according to the report.
The apple-exporting company Scales Corporation was initially among the interested parties vying to buy the business, but had since opted out of the bidding war.
Other contenders reportedly vying for a stake in Villa Maria included French beverage giant Pernod Ricard, Australian wine company Accolade Wines and US beverage company Constellation Brands.
A valuation of around $ 200 million had been placed on the company, which is controlled by industry veterans, the Fistonich family.
The company’s brands include Villa Maria, Vidal and Esk Valley.
RNZ
