Stoli Group USA and its Kentucky Owl American Whiskey unit filed, voluntarily, for Chapter 11 chapter on 27 November, because the authorized course of permits the enterprise to proceed working usually, reorganise money owed and develop into worthwhile whereas inserting a pause on creditor funds.
In response to courtroom papers filed by the corporate with its chapter declare, the group is “experiencing monetary difficulties” and lists between USD$50m and USD$100m in liabilities.
Stoli Group chief govt Chris Caldwell stated in an announcement, reported by CNN, that Stoli’s international operations have been a “sufferer of a malicious cyber assault” that has pressured the corporate to function “solely manually whereas the programs are rebuilt.”
Stoli vodka and Kentucky Owl bourbon will proceed to be bought within the US whereas the corporate navigates the Chapter 11 course of.
In 2022 the corporate modified its identify from Stolichnaya to Stoli following the Russian invasion of Ukraine and the following boycotts in opposition to its namesake model.
For a number of a long time, beneath the possession of exiled Russian billionaire Yuri Shefler, Stoli has been produced and distributed from Latvia.
