AU: Yellow Tail makers in crisis talks with lender
AU: Yellow Tail makers in crisis talks with lender
Jan 15, 2013 6
(TheDrinksBusiness) - Casella Wines, makers of Yellow Tail – the best selling Australian wine in America – is in crisis talks with its lender after recording its first loss in 20 years.
According to the Wall Street Journal, Casella is looking to secure a deal with lender National Australia Bank ahead of an extended 30 January deadline.
A failure to secure a new loan could force the company to sell off vineyards and other assets, the company’s chief executive John Casella told the WSJ.
Casella reported a loss of AU$30 million in the last financial year, down from a $43.5m profit the year before, according to The Australian Financial Review.
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