Vodka producer Central European Distribution Corp. is seeking Chapter 11 bankruptcy protection to cut more than $665 million of its debt.
CEDC is seeking approval for a reorganization plan would give ownership of the company to Roust Trading. Roust is owned by CEDC Chairman Roustam Tariko.
The Mt. Laurel, N.J., company says nearly all of its creditors have already voted in favor of the plan. It filed its bankruptcy paperwork Sunday and plans to present its plan to a U.S. bankruptcy court Tuesday. It hopes to get approval within 30 to 45 days. The plan does not involve the company's operating subsidiaries in Poland, Russia, Ukraine or Hungary.
CEDC announced the plan and began seeking approval for it in March.