The Central European Distribution Corp of Poland has filed for a pre-packaged bankruptcy in its efforts to decrease its debt load. As a result, it would place businessman Roustam Tariko in full control over the vodka producer's business and operations.
This was found in court documents submitted by the distillers of Absolwent and Parliament vodka. It is also the market leader in Hungary, Poland and Russia. Recently it has been rocked with issues such as financial issues and the resignation of its CEO.
There was an initial conflict with Tariko last December which ended when the vodka maker gave operational control to the billionaire tycoon in exchange for US$65 million in funding.
The restructuring plan was recently approved by the company's creditors would remove nearly US$665.2 million in debt from the balance sheet. The balance sheet filed showed liabilities of US$1.74 billion and assets of US$1.98 billion.
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