CEDC, Tariko’s Russian Standard Agree on New Measures for Debt

Dec. 28 (Bloomberg) -- Central European Distribution Corp., Poland’s second-largest vodka producer, and billionaire Roustam Tariko’s Russian Standard Corp. agreed to put in place new measures to help the Polish company restructure its debt.

Roust Trading Ltd., an affiliate of Russian Standard, will release restrictions on $50 million in cash previously invested in the company and will also provide as much as $107 million in new capital, according to a statement from CEDC. In exchange, CEDC agreed to create an operational management committee and a panel to oversee changes to the restructuring, it said.

Shares of CEDC lost 3.1 percent to 6.2 zloty at the close in Warsaw after gaining as much as 9.1 percent., The stock dropped 5.9 percent to $2.06 at 1:55 p.m. in New York. The U.S. shares have slumped 53 percent this year.

To contact the reporter on this story: Victoria Stilwell in New York at vstilwell1@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net