Belvedere , the French drinks company involved with Hollywood actor Bruce Willis, said on Friday it had agreed with its creditors to launch a convertible bond.

The bonds would be worth 123.75 euros each, would have a maturity of five years, carry a coupon of 1 percent and will be convertible into one Belvedere share per bond.

In December Belvedere said Willis would get a 3.3 percent stake in the company in return for promoting its Sobieski vodka.

Belvedere sought protection from creditors in July 2008 after breaking a bond covenant and has introduced a restructuring plan involving asset sales.

Belvedere's shares closed down 5.1 percent at 32.40 euros on Friday, giving the company a market capitalisation of around 81 million euros ($110.7 million). ($1=.7314 euros)