One of the Riverina's oldest winemakers could emerge from administration with the business being offered up for sale.
McWilliam's Wines Group entered voluntary administration in January.
The 141-year-old winemaker which was a member of Australia's First Families of Wine, and potential buyers are invited to submit an expression of interest by March 31.
McWilliam's is being sold as a going concern but buyers can bid on assets separately.
During the last financial year, McWilliams recorded sales of $97 million across its brands including McWilliam's, McW and Mount Pleasant.
The Hanwood winery has production capacity of 42,000 tonnes each year, while the Mount Pleasant premium winery in the Hunter Valley can produce 800 tonnes annually.
Colliers International will handle the sale.
Colliers' agribusiness national director Tim Altschwager said it was an opportunity to acquire an iconic Australia family business, as well as a large amount of stock and property.
"We anticipate wide-ranging interest from major wine industry participants, private equity investors, high net worth individuals and buyers looking for restructure opportunities," Mr Altschwager said.
"In particular, existing wine industry groups will see an outstanding opportunity to add an iconic Australian name to their portfolios.
"McWilliam's does not currently have an extensive international distribution network, which makes this a substantial opportunity for a buyer with overseas networks to really ramp the business up."
Mr Altschwager said the business was well positioned with significant growth potential thanks to growing demand for Australian wine.
"Sales volumes of Australian wine is at an all-time high, driven by exports," he said.
KPMG restructuring services partner Tim Mableson said the 2020 vintage was under way thanks to support from growers, employees and suppliers.
"There has been no direct impact to the McWilliam's Wine Group's Riverina region vineyards as a consequence of the recent Australian bushfires, however, as is the case for the majority of the wineries in the Hunter Valley, there will be no 2020 vintage due to smoke taint," Mr Mableson said.
"There is sufficient back vintage bulk wine and finished goods for the Mt Pleasant brands so that commitments to markets are not impacted."