Latest news with #TomWarner
Yahoo
23-07-2025
- Business
- Yahoo
La Martiniquaise-Bardinet swoops for UK gin maker Warner's
French spirits major La Martiniquaise-Bardinet has taken a majority stake in the UK-based gin maker Warner's Distillery. The financial terms of the deal were not disclosed. According to filings on Companies House, La Martiniquaise-Bardinet's Glen Turner whisky business has been named a person with significant control of Warner's. The transaction is expected to "maximise the potential" of Warner's spirits "in UK and global trade", a joint statement said. When asked about the group's growth plans for the UK and oversees, co-founder Tina Warner told Just Drinks: "There are great opportunities to grow locally across the UK on and off trade and internationally capitalising on areas of white space in some of Europe's bigger gin markets where we are currently not available." Following the deal, La Martiniquaise-Bardinet will takeover distribution of Warner's drinks in the UK from Sazerac, she added. Speaking to this publication last year, co-founder Tom Warner said the company's international focus was to be "more so" on the US. Commenting on the acquisition, Christophe Pichambert, international director for La Martiniquaise-Bardinet, said: "We are very proud to see Warner's Distillery join the LMB group of companies alongside our portfolio of internationally renowned brands. "Warner's Gin is a true gem of the English craft gin landscape with its farm-grown and distilled botanicals. Our goal will be to help Tom and Tina bring their wonderful spirit to the world, with respect for their pioneering spirit and exceptional passion." Warner's was set up by husband-and-wife Tom and Tina Warner in 2012 at its Falls Farm in Northamptonshire in the English East Midlands. The founders are expected to stay "at the helm of the business", following the deal, the statement said. The distillery and farm also "remains within the Warner's family", according to La Martinquaise-Bardinet. Warner's sells a range of gins, as well as a spiced rum and two non-alcoholic spirits. The company also produces a multi-spirits range under the name Trash & Treasure, which includes flavoured rums and vodkas. It sells to 30 countries globally, including the US, Australia and UAE. The move will see "a dynamic new brand" being added to La Martiniquaise-Bardinet's portfolio, the statement said. Warner's spirits will sit alongside the likes of Glen Moray and Cutty Sark whiskies and Bardinet Brandy. Co-founder Tom Warner said: "This partnership allows us to stay true to our roots, creating incredible drinks with real purpose, while giving us the strength to scale that mission globally." "La Martiniquaise-Bardinet swoops for UK gin maker Warner's" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
01-07-2025
- Business
- Yahoo
Wolfspeed Stock Soars as Chipmaker Goes Through With Bankruptcy Filing
Wolfspeed shares took off when, as expected, the struggling chipmaker filed for bankruptcy. The company explained that the move was part of its plan to work with key lenders to have its debt restructured. Wolfspeed said the restructuring will cut its overall debt by 70%.Wolfspeed (WOLF) shares doubled when the struggling silicone carbide chipmaker officially filed for Chapter 11 bankruptcy as planned in order to complete a debt restructuring plan. The company called the move the "next step to implement its previously announced Restructuring Support Agreement ("RSA") with key lenders." Wolfspeed has said the RSA would slash its overall debt by 70%, or about $4.6 billion, as well as reduce its yearly cash interest payments by approximately 60%. The firm maintains that it expects to move through the restructuring quickly, and emerge from bankruptcy this quarter. CEO Robert Feurle explained that by strengthening its finances, "Wolfspeed will be better positioned to move faster on our strategic priorities and maintain our position as a global leader in the silicon carbide market." Wolfspeed was already in financial straits when in March outgoing interim executive chair Tom Warner warned that the company may not receive $750 million in grants and $1 billion in tax credits it had anticipated from the CHIPS and Science Act of 2022. That news sent shares plunging, and they dropped even more in May following a report that it was considering filing for bankruptcy. Even with today's big gains, shares of Wolfspeed have lost nearly 90% of their value this year. Read the original article on Investopedia
Yahoo
23-06-2025
- Business
- Yahoo
Struggling Chipmaker Wolfspeed Files for Bankruptcy as Debt Burden Mounts
Wolfspeed filed for Chapter 11 bankruptcy as it moved to restructure its debt. The silicone carbide semiconductor maker said its Restructuring Support Agreement with key lenders is expected to reduce its debt by about 70%. Wolfspeed shares have plunged on its debt woes and concerns it might not get an expected $1.75 billion in grants and tax credits from the federal CHIPS and Sciences Act of (WOLF) shares plunged 30% to an all-time low Monday as the struggling chipmaker announced it had filed for Chapter 11 bankruptcy in order to implement a Restructuring Support Agreement (RSA) with key lenders. The company said Sunday the RSA is "expected to reduce the Company's overall debt by approximately 70%, representing a reduction of approximately $4.6 billion, and reduce the Company's annual total cash interest payments by approximately 60%." Wolfspeed said it anticipates the restructuring will make it "better positioned to execute on its long-term growth strategy and accelerate its path to profitability." Wolfspeed added that it expects to move through this process quickly, and exit bankruptcy by the end of the third quarter. CEO Robert Feurle explained that the decision to restructure came after "evaluating potential options to strengthen our balance sheet and right-size our capital structure." Wolfspeed had already been facing serious financial difficulties for months before outgoing executive chair Tom Warner warned in March that the firm might lose out on $750 million in grants and $1 billion in tax credits expected from the CHIPS and Science Act of 2022. That sent shares into a tailspin. They sank even further last month on a report that Wolfspeed was considering a bankruptcy filing. Shares of Wolfspeed have lost about 90% of their value year-to-date and recently were trading at about 62 cents. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Wolfspeed Stock Plummets 70% on Report Firm Preparing to File for Bankruptcy
Wolfspeed reportedly is considering filing for bankruptcy within weeks as it struggles with mounting debt. The Wall Street Journal noted that the silicone carbide chipmaker has turned down several plans by creditors to restructure its debt. The news sent Wolfspeed shares to an all-time (WOLF) shares cratered Wednesday, a day after a report that the struggling silicone carbide chip manufacturer would be filing for bankruptcy "within weeks." The Wall Street Journal reported Tuesday afternoon that after the company rejected several proposals by creditors to restructure its debt, Wolfspeed was looking at a plan to use Chapter 11 bankruptcy in a way that's acceptable to a majority of debtholders. The company has been under financial pressure for months, and that was exacerbated in March when outgoing executive chair Tom Warner warned Wolfspeed may lose out on $750 million in grants and $1 billion in tax credits it had been expecting under the CHIPS and Science Act of 2022. In addition, this month the company posted disappointing results and added two board members to assist in dealing with the debt. Investopedia has reached out to Wolfspeed for comment but has not received a response. The news sent Wolfspeed shares to an all-time low Wednesday morning, and they're now trading at less than $1 each. Read the original article on Investopedia
