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Friday, Dec 28
2012, 10:31 AM
Central European Distribution (CEDC +5%) erases early losses to trade higher after announcing a...
Central European Distribution (CEDC +5%) erases early losses to trade higher after announcing a revised transaction with Russian Standard. The revised deal releases restrictions on $50M in cash previously invested in CEDC, the implementation of a new $15M revolving credit facility, plus up to $107M in new capital subject to CEDC's capital restructuring. In return, CEDC has created a Restructuring Committee to be led by non-Russian Standard directors and, names Grant Winterton as CEO, and will call an annual shareholders' meeting as soon as practicable to vote on a new slate of directors.