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Tuesday, March 5, 2013

Stolichnaya-owner in talks on rival vodka maker CEDC, (NASDAQ: CEDC)

Stolichnaya Vodka-owner SPI Group said on Tuesday it was holding talks with Russian financial interests regarding Poland's indebted Central European Distribution Corp, one of the world's largest vodka producers.Nasdaq-listed CEDC's shares have plunged by over 80 percent so far this year to $0.67, hit by financial problems, the resignation of its chief executive and recent battles with shareholders over control of the company.The most pressing problem for CEDC, which makes Absolwent and Parliament vodka, is that it has $258 million in convertible loan notes maturing on March 15.On Tuesday, a the A1 investment arm of Russia's Alfa Group and CEDC shareholder Mark Kaufman presented a restructuring plan to CEDC's board, according to a filing with the U.S. Securities and Exchange Commission.

Central European Distribution Corporation (CEDC), operates primarily in the alcohol beverage industry. Shares of CEDC fell by 11.24% or $-0.0748/share to $0.59. In the past year, the shares have traded as low as $0.48 and as high as $5.77. On average, 1307260 shares of CEDC exchange hands on a given day and today's volume is recorded at 2190149.