Subscriptions had not yet been cancelled because the company was planning an \u201cend of empire sale\u201d initiated by the liquidators and wanted to let their customer base know when it was on.<\/p>\n
Once the sale date was confirmed and information was available online, all subscriptions would be cancelled; however, subscriptions could be cancelled any time by contacting the company.<\/p>\n
The email said the company was gutted and would miss customers\u2019 support and enthusiasm for their wines.<\/p>\n
A Te Awanga Estate spokesperson said they were not in a position to make a comment to Hawke\u2019s Bay Today.<\/p>\n
Te Awanga Estate’s Te Awanga vineyard. Photo \/ Jack Riddell<\/p>\n
PricewaterhouseCoopers Auckland (PwC) is listed as the liquidators on the New Zealand Companies Office register.<\/p>\n
Partner and leader at PwC\u2019s Wellington business restructuring services team Richard Nacey said two sister businesses were being liquidated with Te Awanga Estate and Hawke\u2019s Bay Wine Co.<\/p>\n
Those are Hawke\u2019s Bay Wine Investments and vineyard-to-container service Portside Wines.<\/p>\n
Nacey said Te Awanga Estate owed $600,000 to unsecured creditors, Hawke\u2019s Bay Wine Co owed $3 million to unsecured creditors, Hawke\u2019s Bay Wine Investments owed $600,000 to unsecured creditors and Portside Wines owed $2m.<\/p>\n
In addition, there was a bank debt of about $4m owed by the companies collectively as a group with a cross-guarantee in place.<\/p>\n
To help lower the debt, Nacey said the liquidators would look to dispose of about 20,000 cases of wine and 400,000 litres of bulk wine owned by the four entities within the group.<\/p>\n
A portion of that wine would be sold through Te Awanga Estate\u2019s \u201cend of empire\u201d sale, but Nacey said his team would also need to use other channels.<\/p>\n
\u201cWe will try and sell those cases in bulk to third parties,\u201d he said.<\/p>\n