Vintage Wine Estates shares are trading lower by 32.6% during Wednesday's session. The company announced a bankruptcy filing and a voluntary delisting and SEC deregistration.
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (the “Company“) announced today that the Company and certain of its subsidiaries (such subsidiaries, each a “Debtor,“ and together with the Company, the “Debtors“) filed a voluntary petition for reorganization (collectively, the “Chapter 11 Cases“) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code“) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court“). This process is intended to establish a fair, structured process for VWE to address outstanding debt obligations while the business pursues the sale of its assets.
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (the “Company”) today announced that the Company and its lender group have amended the amended and restated forbearance agreement dated April 2, 2024 (as amended, the “amended forbearance agreement”) to extend the forbearance period to June 4, 2024. The lenders have also agreed to defer the $10 million principal payment previously due at May 15, 2024 to June 17, 2024.
First paragraph, first sentence of release should read: ...the Company and its lender group have amended the forbearance agreement dated February 28, 2024... (instead of ...the Company and its lender group have amended the forbearance agreement dated March x, 2024...)
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced the appointment of Steven Strom to its Board of Directors, as of March 28, 2024. As an independent director, Mr. Strom will serve as the Chair of the Finance Committee, which also includes Robert L. Berner III, Mark Harms, Jon Moramarco and Patrick Roney.
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today reported its financial results for the three and six months ended December 31, 2023 ("second quarter fiscal 2024").
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Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today provided an update on the business to include its progress with restructuring and asset sales, discussions with its lenders and financial reporting timing expectations.
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on February 21, 2024, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2023 (the “Form 10-Q”) within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced that it is restructuring the business by seeking to monetize certain assets and exit certain non-core, lower margin product and service offerings. As a result, the Company will be reducing its workforce by approximately 15% for expected annualized savings of $7.1 million. Restructuring charges for the actions are expected to be approximately $1.5 million, which will be reflected in the third quarter of fiscal 2024 which ends March 31, 2024.
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced the appointment of Ryan Watson as Chief Marketing Officer (“CMO”). Mr. Watson joins VWE with nearly 20 years’ experience in global, data-driven, consumer-oriented marketing and transformational strategies in both B2B and B2C verticals across a variety of industries. He will begin his duties on January 16, 2024.
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