Updated March 8, 2020, midnight
Several Swiss winegrowers face bankruptcy. The reason: the wine producer Provins still hasn’t paid for the crops from last year. Now those affected have complained publicly.
The Swiss wine production giant Provins seems to have financial problems. As reported by “blick.ch”, among others, the demand for Valais wine has dropped so much that the cooperative’s stocks are full – and winegrowers are no longer paid.
Farmers face bankruptcy
Numerous cooperatives have now complained to the Unterwalliser newspaper “Le Nouvelliste” about the outstanding payments for the harvest from last year. Provins owe them more than a million francs, it is said. Those affected also state that they will no longer be able to do their jobs if there is no money. They face bankruptcy.
At the same time, the existence of the cooperative is at risk. According to the statutes of the wine producer, Provins is obliged to buy the full harvest from the farmers. This agreement turned out to be a problem, especially in 2018, since the harvests were above average this year.
Fight with the banks
In December last year, the cooperatives rejected the attempt to convert Provins into a public limited company. The banks required the conversion into a stock corporation in order to release the necessary loans.
Provins has not yet commented on the predicament. The cooperative only wants to make a statement in the coming week. (eee)
© 1 & 1 Mail & Media / SN
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