Russian Standard Corporation, owner of 9.9% of Central European Distribution's outstanding shares, disclosed that it sent a letter to CEDC's board of directors describing a proposed strategic alliance. As part of the initial transaction, RSC would exchange at par value up to approximately $103M of face value of CEC's 2013 Senior Convertible Notes currently owned by RSC at an exchange price of $7.00 per share resulting in an increase of RSC’s ownership to up to 25% of the company's common stock. In addition, RSC would be prepared to discuss assisting CEDC in addressing the remaining $207M of face value of its Notes by potentially extending a backstop credit facility.
European stocks rose for a third straight session on Monday and the euro bounced back from two-year lows, as Greek …
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