Australian winery cooperative Barossa Valley Estate placed into receivership
Australia-based winery cooperative Barossa Valley Estate has been placed into receivership.
Both the winery's assets and affairs were put into the hands of Australian receiver McGrathNicol, an independent boutique advisory firm specializing in corporate advisory, forensic, transaction services and corporate recovery.
With the 2013 vintage coming close, the company's future grape contracts remains uncertain now.
According to a report in Adelaidenow.com, several supplier shareholders have to be fully paid by the cooperative for their 2012 crops.
Barossa Valley Estate partner Sam Davies was quoted by the website as saying that they plan to work closely with contract growers and management to settle down the 2013 grape supply contracts and continue operations at the winery.
The winery's existing domestic and export distribution arrangements will be reviewed and its upcoming events booked through the cellar door and function facility will be honored, added Davies.
The winery turned into completely-owned shareholder cooperative in April 2011 after a group of Barossa Valley growers acquired more than half the equity in the company that was earlier owned by Accolade Wines.