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  • March 2016 (Revised February 2019)
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Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover

By: Stuart C. Gilson and Sarah L. Abbott
  • Format:Print
  • | Language:English
  • | Pages:36
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Abstract

In early 2013, Central European Distribution Corporation (CEDC), a large publicly traded producer and distributer of vodka and spirits in Eastern and Central Europe, has suffered significant declines in its financial performance, is at risk of defaulting on its debt, and is under pressure from its largest shareholders to give them control of the board and to restructure its debt to avoid bankruptcy. The largest shareholder, billionaire Russian investor Roustam Tariko, has proposed an out of court exchange offer for CEDC's publicly traded bonds and investment in CEDC's stock that would give him full ownership of the company. If the exchange offer fails, the company will file for prepackaged Chapter 11 bankruptcy in the United States.

Keywords

Hostile Takeover; Accounting Restatement; Activist Shareholder; Restructuring; Mergers and Acquisitions; Financial Statements; Corporate Governance; Investment Activism; Distribution Industry; Food and Beverage Industry; United States; Russia; Europe

Citation

Gilson, Stuart C., and Sarah L. Abbott. "Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover." Harvard Business School Case 216-059, March 2016. (Revised February 2019.)
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About The Author

Stuart C. Gilson

Finance
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Related Work

    • April 2017 (Revised April 2017)
    • Faculty Research

    Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover (CW)

    By: Stuart C. Gilson and Sarah L. Abbott
    • March 2016 (Revised February 2019)
    • Faculty Research

    Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover

    By: Stuart C. Gilson and Sarah L. Abbott
Related Work
  • Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover (CW) By: Stuart C. Gilson and Sarah L. Abbott
  • Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover By: Stuart C. Gilson and Sarah L. Abbott
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