March 28 A unit of Russia's Alfa Group said on Thursday it had withdrawn its proposal to acquire Central European Distribution Corp, one of the world's largest vodka producers, through a restructuring of CEDC's finances.
Alfa Group unit A1 said in a two-sentence statement to Reuters that it had officially withdrawn its non-binding offer to restructure CEDC. It also said the two other members of its consortium, CEDC investor Mark Kaufman and SPI Group, which owns Stolichnaya Vodka, had been informed of its decision.
CEDC's board supports a restructuring plan that includes joint bond exchange offers from CEDC and Roust Trading Ltd, a company owned by CEDC's chairman.
CEDC has said it intends to file for bankruptcy if its bond exchange offer fails. The company recently missed a payment on $258 million of notes that matured on March 15.