Firm Advises on IFLR’s "Restructuring Deal of the Year"

IFLR Americas Awards

March 31, 2014

Latham & Watkins was recognized for its work advising on the restructuring of Central European Distribution Corp. (CEDC), which was named "Restructuring Deal of the Year" 2013 at the annual IFLR Americas Awards.

A cross border team from Latham’s London, US, and Moscow offices advised A1 Investment Company, one of the largest privately owned financial and industrial groups in Russia, in its US$1.3 billion acquisition of CEDC, a Warsaw-based distributor of alcoholic beverages, through a pre-packaged Chapter 11 plan.

IFLR highlighted a number of the deal’s unique aspects, stating: “this was the first time Chapter 11 was used for a company whose business was based in eastern Europe. As the senior debt was held by overseas lenders and secured against assets based in Russia and Poland, significant cooperation was needed to get the deal agreed. Another notable aspect of the deal was the use of a unique reverse Dutch auction to distribute $172 million in cash to bondholders.”

This transaction was also named Chapter 11 Reorganization of the Year at The M&A Advisor 2013 Turnaround Awards.

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