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Thursday it had withdrawn its proposal to acquire Central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Reuters that it had officially withdrawn its non-binding offer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.