One of the Riverina's iconic wine producers - and the jobs of those who work at the winery could be saved under deal presented to creditors.
Administrators have presented a deal to the family-owned winemaker's creditors which will see the business fall under private equity ownership.
The historic winery was placed into administration earlier this year in a bid to save the company.
Gayle Dickerson, Tim Mableson and Ryan Eagle from KPMG have recommend creditors accept an offer from Prcstnt Asset Management.
"We are delighted to have reached a significant milestone in the administration process for McWilliam's Wines," Ms Dickerson said.
"The proposal received from Prcstnt Asset Management provides a platform for growth and a confident step forward for the company, employees and stakeholders.
"It removes any lingering uncertainty around its financial stability, which has limited its growth potential in recent times. It also provides continuing employment for staff, and will deliver a substantial return to creditors, and possibly shareholders."
The offer has been characterised as giving the McWilliam's brand a platform to grow.
"While it is critical that McWilliam's is moved out of administration and returned to profitability in the immediate term, over the medium to longer term we will look to inject further capital to scale the business in both domestic and international markets, while driving environmental outcomes in line with our philosophy," Prcstnt Asset Management chairman Charles Hunting said.
Creditors will vote on whether to accept or decline Prcstnt's offer on July 24.
Samuel McWilliam planted his first grape vines near Corowa in 1877 after emigrating from Northern Ireland.
McWilliam's planted their vines at Hanwood in 1913, before building a winery and completing the first vintage in 1917.