Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, March 1, 2013

Unit of Alfa Group interested in restructuring vodka maker CEDC, (NASDAQ: CEDC)

A unit of Russia's Alfa Group is interested in putting together a consortium to restructure one of the world's largest vodka producers, Central European Distribution Corp, according to a U.S. securities filing. The president of A1, Alfa Group's venture capital unit, reportedly wrote to the committee of holders of CEDC's notes that mature in 2016 to say it wanted to assemble a group to invest up to $250 million to restructure CEDC, according to a filing with the U.S. Securities and Exchange Commission.The SEC filing was made by Mark Kaufman of Monaco, CEDC's second-largest shareholder. A1 is one of Russia's largest investment groups. Kaufman was commenting on the letter from A1. The letter was not included in the filing with the SEC.A1, and attorneys for the committee and CEDC did not reply to a request for comment. Kaufman's attorney declined to comment.CEDC, with headquarters in Mount Laurel, New Jersey, and Warsaw, Poland, has been rocked by problems with its financial reporting, the resignation of its chief executive and recent battles with shareholders over control of the company.

Central European Distribution Corporation (CEDC), operates primarily in the alcohol beverage industry. Shares of CEDC fell by 17.36% or $-0.1256/share to $0.60. In the past year, the shares have traded as low as $0.48 and as high as $5.77. On average, 1251800 shares of CEDC exchange hands on a given day and today's volume is recorded at 1944261.