Belvédère Group enters 'judicial restructuring'

The Belvédère Group and wine company Moncigale are under the care of the court after a judgement was made on September 20 by the Tribunal de Commerce de Nimes.

A statement from the company said: "In a ruling of 20th September, the Nîmes Commercial Tribunal has just converted the procedure of protection of the court into a judicial restructuring for Moncigale and Belvédère.

"This modification changes nothing during the period the companies are under a period of observation by the court. This confirms, if confirmation were needed, that the Belvédère Group is under the protection of the court. This will allow the management to present a plan to restructure the company, which will secure the long-term survival of the Group for its employees and satisfy its creditors."

The company owns the Sobieski vodka brand, which is backed by Hollywood actor Bruce Willis. Willis also declared an interest to invest in the company in 2009.