COSENTINO CHIEF STEPS DOWN

The chief executive of Cosentino Signature Wines, Kevin Smith and Michael Forman, has resigned from the company as a condition for the Napa Valley-based wine group securing a $3 million loan.

Company director Larry Soldinger has taken over the roles of chief and chairman after MCOZ Preferred LLC, a private entity controlled by Soldinger, provided the funds.

Cosentino said today that it has signed a non-binding letter of intent with its lenders on a refinancing package, which may or may not include the sale of certain wine assets.