March 21 Central European Distribution Corp
, a leading vodka producer that missed a debt payment
last week, received a restructuring plan offering $280 million
in cash, which would turn the equity over to a group led by a
A1, a unit of Russia's Alfa Group, was also offering
investors that hold notes issued by CEDC $650 million in new
debt, according to a letter that was sent to the board of CEDC
Warsaw-based CEDC, which makes Absolwent and Parliament
vodka and has a leading market share in Russia, Hungary and
Poland, is trying to reduce its debt with an exchange offer
aimed at holders of 2016 notes, which have a face value of more
than $500 million.
A company owned by CEDC's chairman is simultaneously
offering to buy CEDC notes that matured last week. CEDC did not
make the scheduled payment on those maturing notes, which total
about $258 million.
A1's plan was jointly proposed with SPI Group, which owns
Stolichnaya Vodka, and Mark Kaufman of Monaco, who is a large
investor in CEDC.