The owner of the Bison in trouble again, – the Banker

Company Roust Corporation (formerly CEDC) filed in the U.S. Supreme court’s statement about protection from creditors, according to “Puls Biznesu”. The company owns, in particular, brands Żubrówka, Bols does Soplica.

the Conclusion was made on the basis of Chapter 11, under which the court may of the company, are in a difficult financial situation to ensure protection from creditors and give time for restructuring. In case of success of the process, the company continues its activity, otherwise it will go bankrupt. Polish counterpart, Chapter 11 is the rehabilitation. The situation of the former CEDC therefore, we can in some sense be compared with that of Alma, Hawe or Action. All of these companies in the past year have applied to the courts about the beginning of procedure sanacyjnego.

For the owner of the Bison – once famous on the Warsaw stock EXCHANGE is, however, not the first situation where his future is under serious question. In 2013 the company from falling saved by Russian billionaire Rustam Tariko, who, in his portfolio already had a drink – Russian Standard. In his Empire was also the Bank with the same name. After the acquisition of control over CEDC Tariko decided to rename the company to Roust Corporation, but in Poland, its brand is, in principle, samograjem – 41% share in the segment of vodka over the company gathered black clouds.

and the Russian Debt problem

since December 1, 2016, the owner of Bison assumed that will win the bankruptcy laws and will seek agreement with creditors on debt restructuring. Grant Winterton, President of the company, its problems, said the macroeconomic situation in Russia, where the company needs to measure, with large debts. The second reason was to be extended to the black market of alcoholic beverages for our Eastern border.

the Main problem, however, large debts on bonds. After the first bankruptcy of old documents was canceled, but the lenders have received two series of new bonds in the amount of over 720 million dollars, which had to be repaid until 2018. The owner of Bison every half a year of paying more than $ 20 million, the percentage.

the soothing Company

the Power company assure, however, that the scale of current problems, certainly less than in 2013. Appeared in addition, the repair plan, according to which the bonds will be zrolowane and partly converted to shares. In addition, Tariko plans to make to the company, the brand Russian Standard Vodka.

- We are in the last phase of the implementation of our plan to reduce debt. In the last few months we obligatariuszami new reorganization plan of the company. The plan was adopted by all obligatariuszy who participated in the vote, and there were more than 90%. We expect that the plan will be adopted by the court in the coming days and as soon as possible to start its implementation”, – says the statement Roust loaded edition of “Puls Biznesu”.

Adam Torchała