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CEDC Bankruptcy Plan Approved

A bankruptcy court on Monday approved Central European Distribution Corp's bankruptcy exit plan, putting Russian billionaire Roustam Tariko on the verge of adding one of the world's largest vodka producers to his stable of companies. Under the plan, green lighted in U.S. Bankruptcy Court in Wilmington, Tariko will receive all of the Polish company's newly issued stock in return for $277 million he is providing for the benefit of its creditors. The deal essentially creates an alliance between CEDC and Russian Standard Vodka, the rival vodka maker also owned by Tariko, according to a statement issued on Monday by CEDC. (Thomson Reuters)