Vodka Maker's Ch. 11 Plan OK'd Despite Shareholder Protest
By Matt Chiappardi
Law360, New York (May 13, 2013, 7:16 PM ET) -- A Delaware bankruptcy judge on Monday approved the Chapter 11 plan for vodka distributor Central European Distribution Corp. that slashes debt by $665 million but gives total control of the company to Russian billionaire Roustam Tariko over the objection of an Italian shareholder.
CEDC investor Eugenio Rainoldi will see his $3.3 million equity stake in the company wiped out with the confirmation and had argued that the process was somehow tainted with Tariko, who is also CEDC chairman and whose Roust Trading Ltd. already owns a...