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 Russian investor.
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 on Thursday.
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.