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Vinfolio creditor acquires company assets
Troubled online fine wine merchant Vinfolio has been bought by VF Wine, a creditor of the California-based business.
Vinfolio filed for bankruptcy protection in January this year after a cash-flow crisis and a group of investors acquired the company’s secured debt.
Leading the rescue operation was former Constellation CEO Jon Moramarco, through his wine industry consultancy firm BW 166.
Moramarco and other investors have funded Vinfolio’s operations since the beginning of 2010.
“During the course of the last two months, we have not only deepened our understanding of the critical role Vinfolio, Inc. played in transforming the way people buy and sell fine wine, but have become more aware of the enormous contribution the business can make going forward,” said Moramarco, who is the principal investor in the parent of VF Wine.
“Rather than take the path of liquidation, we are working with employees to form a new company to continue pursuing Vinfolio’s mission of improving the way people buy, store and sell fine wine,” he added.
He also said: “We look forward to a return to Vinfolio’s mission in a stable and focused way. While the new company has not assumed, and is under no legal obligation to provide for, Vinfolio, Inc.’s historical liabilities, it is not our intention to profit from the misfortune of others.
“More specifically, VF Wine intends to operate the business prudently and is committed to attempting to resolve any legitimate claims of Vinfolio’s community of wine suppliers and customers before VF Wine’s investors take any profit distribution, fee, dividend or other return of capital on the investment we are making to rescue Vinfolio.”
The restructured Vinfolio will shortly announce the appointment of a new CEO to head the day-to-day operations of the organisation. “Vinfolio will staff this position with an individual who combines extensive wine industry knowledge with a commitment to customer service and a proven track record of financial discipline,” confirmed Moramarco.
Among the assets acquired by VF Wine are Vinfolio’s online wine store and Marketplace, as well as San Francisco’s only full-service storage.
Patrick Schmitt, 18.03.2010