The owner of Stolichnaya vodka, along with a consortium of other investors, including investment company A1 and CEDC shareholder Mark Kaufman, have pulled their bid offer of US$280 million cash and $650m in new debt to restructure the group, which was made just last week (21 March).
In a statement, the consortium said: “SPI Group had agreed to join a consortium consisting of A1 Investment Company and Mark Kaufman that was preparing a restructuring proposal in connection with the expected bankruptcy of CEDC.
“Today, however, A1, together with the other members of the consortium, determined the transaction was no longer sufficiently attractive.”
A spokesperson for SPI Group could not confirm whether the consortium has withdrawn its interest completely or would be reconsidering its bid for a second attempt at a later date.
Roust Trading owner Roustam Tariko has also launched a restructuring bid for CEDC, one of the largest producers of vodka in the world. He has offered to buy the notes he doesn’t own – approximately $155.3m – for $25m in cash and $30m in secured notes issued by Roust.
Source: The Spirits Business
https://www.thespiritsbusiness.com/2013/03/spi-consortium-withdraws-cedc-offer/