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Two Vines Vineyards Inc. files for bankruptcy
Two Vines Vineyards has filed for Chapter 11 bankruptcy as it struggles under the weight of a US$90,000 tax bill, among other debts.
Two Vines Vineyards Inc. filed for Chapter 11 bankruptcy protection on 24 August in the US Bankruptcy Court for the District of Arizona, with the paperwork revealing the wine company has up to 49 creditors.
Among its more significant debts is US$90,000 owed to the Arizona Department of Revenue, though most of the wine company’s other debts are below US$10,000.
The company has not released a statement about the bankruptcy filing, nor has it submitted any refinancing plans to the court. However, the petition revealed that funds would be available for Unsecured Creditors.
The Two Vines Vineyard website appears to have been disabled, and social media activity halted.
Apology
The drinks business published an earlier article incorrectly stating that Two Vines Vineyards was owned by Ste. Michelle Wine Estates. We would like to make clear that Two Vines Vineyards Inc. is in no way affiliated with Ste. Michelle Wines Estates or its own Two Vines wine brand and we apologise for the error.
Chapter 11
An increasing number of drinks companies are filing for chapter 11 bankruptcy, including Vintage Wine Estates (VWE), one of California’s biggest wine companies, which announced the step in July along with its intention to delist from the stock market. VWE revealed it had been battling to pay off US$60.5 million worth of debt, and said that “negative financial headwinds” had “severely impacted its liquidity position”.
The wine company, which owns brands including B.R. Cohn, Girard, Clos Pegase and Viansa, has already begun offloading assets, revealing on Wednesday 24 July that it has sold the property and equipment of its Constantino Winery to Gene Wines for US$10.5 million.
Last week, Swedish distillery Mackmyra Svensk Whisky also filed for bankruptcy with its board of directors stating that it is “not possible to continue the company’s operations”.
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