Marie Brizard to exit continuation plan

Marie Brizard Wine & Spirits is to exit the continuation plan of its French subsidiary, Marie Brizard Wine & Spirits France, following early debt repayments.

William Peel is owned by Marie Brizard Wine & Spirits

The Marie Brizard and William Peel brands owner chose to repay the debt early within the framework of its continuation plan and move the “disputed sums” into an escrow account.

The payment was “entirely realised” through equity capital, and paid to the administrator appointed to oversee the implementation of the plan.

The firm’s exit from the continuation plan will be brought before the Dijon Commercial Court on 29 March 2016 in order to “ascertain” Marie Brizard Wine & Spirits France’s exit from its continuation plan.

“The exit from the continuation plan of our subsidiary, Marie Brizard Wine & Spirits France, represents the first step towards our group’s full exit from its continuation plan that should become effective in the coming months,” Jean-Noël Reynaud, CEO of Marie Brizard Wine & Spirits.

“We had announced it and will do so four years earlier than scheduled.

“The initiative has been made possible by the continual improvements in our financial profile over the last 18 month, which has provided us with a sufficient cash position to entirely reimburse our constitution plan debt.”