A deal to save McWilliam's Wines has been welcomed by the region's wine industry.
The winery's creditors are set to vote on a deal valued at $50 million to save the historic business on July 24.
Riverina Winemakers Association president Andrew Calabria said seeing McWilliam's permanently close would have been sad.
"We've seen some big names come and go, the worst thing is to see a winery close its doors," Mr Calabria said.
He said Penfolds and Wynns had previously operated in Griffith, and to see the founders of the Riverina as a wine region close would have been a blow to the industry.
He said McWilliam's didn't just help build the Riverina into a premier winemaking region, but had a huge impact on the Griffith community over the decades.
"If you look around town, their name keeps appearing, and outside Griffith they were at the forefront of the marketing in the 1930s, 1940s and 1950s," he said.
Private equity firm Prcstnt Asset Management is set to become the new owner of McWilliam's if creditors approve and the firm indicated they plan to grow the business.
Riverina Winegrape Growers Association chairman Bruno Brombal said the deal was a good move.
"We didn't want to see the company close down," Mr Brombal said.
Mr Brombal said MIA growers produced good fruit which meant there was plenty of opportunity for winemakers to produce good wine for domestic and export markets.
He said the deal, if approved, could lead to good things for the industry.
Winemaker Bill Calabria said it was sad to see the McWilliam's name fall out of family ownership.
"They were the pioneers, they were the ones we looked up to," Mr Calabria said. "They always took pride in what they've done for the community."
Mr Calabria said he hoped the new owners would continue to build upon the McWilliam's family legacy in Griffith.
"They couldn't have picked a better area. We've got four to five of the biggest wineries and plenty of grape growers," he said.
"Just because we compete, we're still closely associated and we work together for the Australian wine industry."