The Central European Distribution Corp, the Polish vodka maker, has seen its share price value fall by as much as 58% in the NYSE because of concerns as to its ability to repay debts that would fall due next month. The company's problem was compounded by the sudden resignation of the company's Chief of Investor Relations.
Current share value fell to its lowest in twelve years at US$0.60 per share and is poised for its sharpest drop despite trading at ten times average volume in the past three months. The share value in Poland also lost twenty percent to its own record low of 3.74 zloty or US$1.19.
A total amount of US$257.9 million in debt would be falling due on March 15 and in order to avoid bankruptcy, CEDC would need to refinance the debt or pay it back in full. CEDC for its part has declined to give its comment on stock decline or the repayment plans.
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