Renowned Hawke's Bay and Marlborough winemaker Sacred Hill has gone into receivership, owing nearly $100 million.
A receivership report says the company overstated the amount of the stock it had in 2019.
It points to a decision to restructure and separate its Marlborough and Hawke's Bay operations - with a view to divesting the Hawke's Bay operations to reduce debt.
Other factors included a poor 2021 vintage, a high NZ and US dollar exchange rate, and poor financial performance.
New Zealand Winegrowers chairperson Clive Jones spoke to Philippa Tolley.