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Belvedere says confident will soon reach debt agreement

* Open to tie-up with larger rival
* Plan would allow it to shed 534 mln euro debt burden
* Says two-thirds of FRN holders to approve plan

PARIS, Sept 6 (Reuters) - Loss-making French spirits group
Belvedere is confident that its creditors will approve
a plan submitted in August to repay its debt and would consider
all options including a tie-up with a larger rival to achieve
this, the company said on Thursday.
Belvedere, the owner of France's best-selling Scotch whiskey
William Peel, is on its third attempt to emerge from court
protection from creditors, with whom it has been battling for
four years.
Approval of the plan, which Belvedere's creditors' committee
has already tentatively signed off on, would allow the group to
shed its 534 million euros ($673 million) debt burden, possibly
through a debt-for-equity swap.
The company's court-appointed legal administrator Frederic
Abitbol said in an interview that he believes that two-thirds of
the holders of its Floating Rate Notes - which account for the
vast majority of its outstanding debt - would vote to approve
the reimbursement plan.
The plan includes a preferred scenario under which one or
more of its major brands would be sold and another if no
agreement can be reached on sales, which would see Belvedere's
debt be entirely converted into shares.
Belvedere has received interest for assets it values at over
1 billion euros but so far the offers have fallen short of what
it was hoping to receive, Chief Executive Krzysztof Trylinski
told Reuters.
"Many people thought we were on the edge of a cliff and that
we were forced to sell," he said. "This is why offers did not
match the value of assets."
Trylinski said the company was open to all options including
a merger to reimburse its debt, most of which it contracted when
it bought liquor brand Marie Brizard in 2006 for a reported 308
million euros.
The creditors are slated to decide formally on Belvedere's
proposals during a vote to be held on September 18 and 19.
The plan calls for Belvedere's debt to be converted to
equity if it fails to sell a major asset by March 2013.
Belvedere shares closed up 16 percent on Thursday to reach
54.00 euros, on speculation that the group could become a
takeover target, ac cording to comments on Internet message
boards.


(Reporting by Alice Cannet and Matthieu Protard; Editing by
Christian Plumb)
((alice.cannet@thomsonreuters.com))