POLAND/US: CEDC paves way for Tariko takeover
CEDC racked up big debts in the previous decade
Russian Standard owner Roustam Tariko will take sole control of Central European Distribution Corporation (CEDC) this week when a restructuring plan goes into effect.
CEDC, which filed for bankruptcy last month, will cancel its shares on the Warsaw Stock Exchange by Wednesday (5 June) and hand all outstanding stock to Tariko's Roust Trading, the company said late last week. In return, Tariko will fund cash payments to CEDC bondholders and write off the company's debts to Roust.
Bondholders will receive between 35-84% of their investments, while shareholders will receive nothing, a CEDC spokesperson told just-drinks.
The restructuring plan is expected to clear about US$665m of debt from CEDC, which has never recovered from high spending incurred through the acquisition of three Russian spirits companies in 2008. It follows CEDC's delisting from the NASDAQ stock market in April.
On Friday, CEDC also announced Alfa Bank has resumed lending to the company and has granted access to RUB1bn (US$30m).
Russian investor Roustam Tariko, the owner of Russian Standard, gained full control of CEDC in April 2013. The new owner is expected to focus more on the Russian market. This, in turn, could mean less...
Polish consumers’ need for convenience, strong preference for sweet flavours and interest in refreshing beverages all contributed to the success of beers mixed with lemonade classified by Euromonitor ...
2012 saw increased sophistication and diversification within the spirits category, despite concerns associated with the economic slowdown. A considerable group of Polish consumers follows Western tren...
An economising trend is impacting wine sales. It manifested itself by the expansion of discounters and growing sales of wine in 1-litre bottles. Simultaneously, economisation in terms of the grape win...
- Analysis - Remy's Cognac "dead-cat bounce"
- Comment - How Hand-Made is Tito's Handmade Vodka?
- Diageo's future brighter than present suggests
- Diageo's Q1 Results by Region
- SABMiller's troubles fuel M&A rumours
- Moët Hennessy unveils first Travel Retail outlet
- Diageo puts Beckham centre stage in Haig Club ad
- United Spirits sees Q1 net loss
- Beam Suntory, Edrington part ways in Travel Retail
- TWE unveils Penfolds range after CEO's "bold move"