Polish vodka group CEDC begs for time as results need restating

Central European Distribution Corp, the world’s largest vodka producer, is asking all its bondholders to give it more time before it reports its second quarter results.

  • 06 Aug 2012

Standard and Poor’s downgraded CEDC on June 8 from B- to CCC+, keeping it on CreditWatch negative, after CEDC said it expected to restate its financial statements, “following material weaknesses of its internal controls”.

Under the reporting covenants of the Polish company’s €430m 8.875% and $380m 9.125% 2016 senior ...

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