US billionaire saves New Zealand Wine Company

on 10/07/12 at 10:35 am

Wine

American-owned Foley Family Wines has saved the struggling New Zealand Wine Company.

In a statement the Marlborough winemaker said Foley Family Wines, owned by American billionaire Bill Foley, would take 80% of the company to satisfy NZ Wine’s bankers by cutting at least $5 million of debt.

According to its June 30 accounts, NZ Wine had group loans and borrowings of $17.25 million.

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