Going broke while dominating vodka sales in Russia and Poland may seem tough to do. A company founded by a Florida golfer, listed on Nasdaq Stock Market and until recently based in New Jersey, is almost there.
Investors should consider a rival bid for Central European Distribution Corp. as it provides a better chance at recovery for the Polish vodka producer than the takeover being mooted by Russian billionaire Roustam Tariko, according to a representative for the competing consortium.
Central European Distribution Corp., Poland’s second-biggest vodka maker, rose the most since the end of January in New York after a shareholder reduced his stake and the company announced a new debt swap offer.
Rival offers from Russian billionaires for rescuing Poland’s second-biggest vodka maker are spurring speculation Central European Distribution Corp. will avoid bankruptcy, sending bond yields to a 10-month low.
Harrisburg, the Pennsylvania capital, may try within weeks to impose losses on creditors to solve a fiscal crisis that threatens its solvency and has landed it in state receivership. Such a move might prompt other distressed U.S. municipalities to pursue similar remedies.