In the Region
CEDC offers debt exchange
Central European Distribution Corp., the Polish vodka producer with headquarters in Mount Laurel, made an exchange offer this week for three debt issues, including $257.9 million in 3 percent convertible notes maturing in mid-March that were trading at 16 cents on the dollar. CEDC is struggling to prevent bankruptcy. Shares fell 56.8 percent for the week, closing Friday at 60 cents. - Bloomberg News
Buffett calls year 'subpar'
Warren Buffett, in his annual letter to shareholders, said last year was "subpar" for his company even after it posted a 45 percent increase in profit, because the value of Berkshire Hathaway trailed the overall market. Berkshire's net income soared in 2012 to $14.8 billion, up from $10.3 billion the previous year, but most of the increase came from paper gains on investments and derivative contracts. - AP