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Evans & Tate appoint receivers

Published:  23 July, 2008

Australian winery Evans & Tate has been forced to call in the receivers after McWilliams pulled out of the rescue package.

E&T appointed the receivers as the investor group, comprising Pendulum Capital and McWilliams, withdrew after conducting due diligence on the producer.

The winery owes ANZ bank approximately A$100 million (40.5m) and following the breakdown of the rescue package, the bank has told E&T it will no longer provide financial support.

Michael Silbert, E&T company secretary, said: "The Board, management and staff of Evans & Tate have worked tirelessly over the last 18 months to identify a commercial transaction that would preserve as much value as possible for all stakeholders, and believes that it has explored to its fullest every opportunity that has been available."

He added:"This is a disappointing step, but does not reflect a failure of will or effort on the part of the Company."

E&T has been suspended from trading on the Australian stock exchange.