Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of vodka giant Central European Distribution Corp. (Nasdaq: CEDC) surged 15% on Monday after it agreed to repay the remaining $45.2 million on its term facility, while retaining the $44.5 million overdraft facility (which is currently not being used).

So what: Serious debt concerns have weighed heavily on Central European in recent months, so last Thurday's news -- indicating that Central European's cash flow generation is getting stronger -- is obviously a much-needed relief for investors. As CFO Chris Biedermann said in a statement, "With all of our major cash commitments relating to prior acquisitions behind us now, we feel confident that the remaining overdraft facility combined with the cash on our balance sheet and projected cash generation will provide us with adequate liquidity to meet all of our upcoming obligations."

Now what: Central Distribution might be worth a closer look. I was pretty worried about its debt issues in early March, but a slew of insider buying over the past month -- along with the recently improved cash flows -- has me thinking that the risks may already be baked into the beaten-down price. Even with today's rally, the shares are still down about 50% over the past three months, so there's still plenty of upside left to make a turnaround bet.  

Interested in more info on CEDC? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.