US: CEDC sees NASDAQ delist shares
CEDC's shares were suspended by the NASDAQ late last week
The NASDAQ stock market has delisted the shares of Central European Distribution Corp, after the company filed for bankruptcy last week.
On Friday (12 April), the company said that it has been advised by NASDAQ earlier in the week that the stock market planned to suspend trading in CEDC's shares. The move took effect at the opening of trading on Friday.
The news follows CEDC's application for bankruptcy earlier in the week, as part of a “Pre-packaged Chapter 11 Plan of Reorganisation” that the firm started preparing for in February.
As the financial restructure will clear around $665m of debt from CEDC's US units, the re-organisation plan will see Roust Trading, which is owned by CEDC's chairman and owner of the Russian Standard vodka brand, Roustam Tariko, take full control of the reorganised CEDC.
“Given the NASDAQ continued and initial listing requirements and the plan of re-organisation … the company does not plan to request review of the … decision,” said CEDC last week.
Subsequently, CEDC will file a Form 25-NSE with the US Securities and Exchange Commission to remove its securities from listing and registration on The NASDAQ Stock Market.
To read CEDC's filing, click here.
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...
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