Tuesday, June 9, 2009

Wine Shipping Firm back from the brink?

New Vine Logistics finds backer
Shipping News Feature

USA - One of California’s largest wine shipping companies abruptly closed on Friday 29th May, stating that the company was facing bankruptcy.

But it now appears the company has been saved from insolvency. Inertia Beverage Group (IBG), a rival in direct-to-consumer services has agreed to acquire the debt position in the company.

An earlier statement said: “In order to address New Vine’s customer needs and allow for their systems and operations to get back online and shipments flowing immediately, IBG will provide interim cash funding to New Vine pending final documentation,” IBG President and CEO Ted Jansen said in a June 5 statement. “Operations are already gearing up and we are confident in the ability of New Vine’s operational team and employees to quickly respond.”

New Vine began in 2001 and was a success as it helped customers expedite shipments to consumers in various states, navigating the various complicated legal restrictions on wine shipments.