“Vodka seller Central European Distribution Corp. (CEDC), headed by Russian billionaire Roustam Tariko, filed for U.S. bankruptcy protection amid heavy bond debt and with a pre-approved restructuring plan aimed at cutting about $665.2 million in liabilities.
The company, based in Warsaw, Poland, lists a U.S. address in Mount Laurel, New Jersey. It claimed $1.98 billion in assets and $1.73 billion in debt in court filings filed yesterday in U.S. bankruptcy court Wilmington, Delaware. Its stock trades as CEDC on the Nasdaq Stock Market.
CEDC said in February that it had proposed a debt-for- equity plan to reduce liabilities by more than $750 million. The company’s immediate financial crisis involved $257.9 million in 3 percent convertible notes that matured March 15.
The company said yesterday in a statement that holders of existing 2016 notes will receive $822 million, consisting of $172 million in cash, $450 million in new secured notes and $200 million in new convertible notes — an estimated recovery of about 83.7 percent….”
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