UPDATE 1-CEDC to review Russian Standard's debt relief offer

Feb 6 (Reuters) - Central European Distribution Corp said its board is reviewing Russian Standard's offer to help the Polish vodka maker repay its debt in exchange for a bigger stake.

In a letter dated Feb. 1, CEDC's largest shareholder Roustam Tariko, who controls Russian Standard, had offered to exchange debt owed to him and hand over rights to some alcohol brands for a bigger stake in the company.

Tariko, who currently holds a near 10 percent stake in CEDC, had also proposed to assist the company in addressing the remaining debt maturing 2013, by potentially extending an emergency credit facility to CEDC.

The two proposals would result in Russian Standard Group owning nearly 33 percent of CEDC, which holds a portfolio of well-known brands in the Russian and Polish markets such as Absolwent and Parliament.

There can be no assurance of any transaction as a result of its review of the proposal, CEDC said in a statement.

CEDC shares closed at $5.91 on Monday on the Nasdaq.