William M. Dowd photoBelvedere SA, the French maker of bargain-brand Sobieski vodka, has been in financial trouble for the past 12 months. The price of its shares has dropped 70% and this week it received a six-month bankruptcy protection order from a French court.
Despite myriad procedural and financial woes, Olivier Balva, the company's head of investor relations, said in an interview with Bloomberg News that "Our only goal is to have more time to restructure the company.''
"There haven't been any payment defaults and the company has enough cash to run,'' he said. "We did this for reasons of prudence.''
You can get the background on Sobieski vodka here and read my tasting notes on the product here.
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