News Briefs for April 8, 2013April 8, 2013
•Central European Distribution Corp. (CEDC) is moving forward with a pre-packaged bankruptcy that will see it eliminate $665.2 million from its balance sheet. If confirmed by the U.S. Bankruptcy Court for the District of Delaware, the restructuring will see Roustam Tariko’s Roust Trading take control of 100% of the outstanding stock of the reorganized CEDC. Holders of existing CEDC 2016 notes will receive a total of $822 million split among cash, new secured notes and new convertible notes, while holders of 2013 notes (other than Roust Trading) will receive a total of $55 million. Concurrently, CEDC’s Russian operations are set to benefit from a $100 million unsecured credit facility from Russian investment firm the Alfa Group, which in cooperation with Stolichnaya owner SPI Group and others had lodged a counter-offer to Tariko’s restructuring bid that was rebuffed in recent weeks.
•Ste. Michelle Wine Estates has promoted Frank Genovese to executive vice president, sales, taking over for Glenn Yaffa, who is retiring from the company after over 30 years. Genovese has been with Ste. Michelle since 1999, when he joined as vice president for the East Sales Region. He will be succeeded in his current role of senior vice president of sales by Dan Heller, Ste. Michelle’s West region vice president. Heller’s successor has yet to be named. Both promotions are effective May 1.
•Hood River, Oregon-based Full Sail Brewing has unveiled the latest release in its new Pub Series rotating line of ales, Extra Special Bitter (ESB). It will be available in six-packs and on draft for 90 days only from April to June. Billed as a medium-bodied ale, ESB (6.5% abv) features U.K. and U.S. Challenger hops and a combination of crystal malts. The Pub Series, which launched in January with Nut Brown Ale, features brews that were previously sold only at Full Sail’s Tasting Room & Pub and makes them available to its distribution markets for a limited time. Full Sail’s lineup of brews—which also includes Full Sail Amber, IPA and the Limited Lager Series, among others—are available in 30 states.