TWE Writes Down another $244 Million, Undergoes Substantial Restructure

Dear Client:Just a few weeks removed from a takeover bid by private equity firm Kohlberg Kravis Roberts (KKR), Treasury Wine Estates has announced a substantial restructure that will include another writedown worth $244 million. The writedown "reflects a combination of historical prices paid for assets purchased while it was still under the Fosters umbrella and a decline in market growth rates for commercial wine," according to the company.Under the restructure, TWE is permanently moving the release date of its popular