Central European Distribution Corporation Announces Exchange Offers to Holders of Certain Notes
Central European Distribution Corporation (NASDAQ: CEDC) announced today that the Company and its subsidiary CEDC Finance Corporation International, Inc. have launched exchange offers to holders of their outstanding Convertible Senior Notes due 2013 and Senior Secured Notes due 2016. The exchange offers are part of a financial restructuring that contemplates a reduction of senior note debt by more than $750 million.
The exchange offers were prompted in part by the impending March 15, 2013 maturity of the Convertible Senior Notes. Moreover, the Company believes that a successful restructuring of both the Convertible Senior Notes and the Senior Secured Notes will improve its financial strength and flexibility and enable it to focus on maximizing the value of its strong brands and market position. The Company is engaged in ongoing and constructive discussions with representatives of its major stakeholders about the terms of the exchange offers.
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