Australia's McWilliams Wines Goes Into Voluntary Administration

Audit group KPMG said on Wednesday Australia’s McWilliams Wines Group had gone into voluntary administration and that it was seeking capital or a buyer for the winemaker, which has been struggling to pay creditors amid changing drinking trends, Reuters reported. The decision comes in the wake of deadly bush fires that have engulfed large swathes of Australia, especially the state of New South Wales where the company’s vineyards are located. McWilliams Wine was not immediately available for comment on whether the fires are a contributing factor. More than 10 million hectares of land have been scorched by the relentless fires that have left many areas without power or communications and have seen thousands evacuated or homeless. The fires follow a three-year drought. Read more