The US division of Stoli Group, along with the company’s Kentucky Owl American whiskey business, has filed for Chapter 11 bankruptcy.
The application was made yesterday (27 November) to the US Bankruptcy Court in the Northern District of Texas. Stoli Group USA and Kentucky Owl stated their intention to restructure their assets, although further details were not immediately available.
Global Drinks Intel has contacted the company for confirmation.
The voluntary application by the New York-based unit allows time for the entities to reorganise themselves while continuing to operate. A post on X by debt consultancy RK Consultants claimed that Stoli Group USA has liabilities of between US$50m and $100m “with assets estimated between $100m (and) $500m”.
“The company enters restructuring with a substantial operational footprint and indicates plans for continued operations with funds expected to be available for unsecured creditors,” RK added in the post.
Global Drinks Intel spoke exclusively to group CEO Chris Caldwell shortly after the application was submitted.
Stoli Group USA Files Chapter 11 with Up to $500M in Assets, Affiliate Kentucky Owl Joins Restructuring
— RK | Consultants (@_RKConsultants) November 28, 2024
BANKRUPTCY FILING ALERT 🚨
Stoli Group (USA), LLC
Chapter 11 - Northern District of Texas
Filed: 11/27/2024
Case No. 24-80146
📊 Assets: $100M-$500M | Liabilities:… pic.twitter.com/TSZG8Hcd3e
Speaking to Global Drinks Intel last year, Caldwell explained how the company, which owns the namesake vodka brand, had been working to broaden its presence beyond the US over the previous three years.
“While it’s important that we don’t lose sight of how important the US is, you can’t be exposed to a single economy,” Caldwell said. “I’m going to continue the expansion of our business around the globe. There are lots of very exciting opportunities out there .”
Stoli Group, owned by Russian-born businessman Yuri Shefler and previously known as SPI, acquired Kentucky Owl in 2017 and rolled out a limited-edition Japanese-influenced iteration in the US as recently as September 2022.
The company has been involved in a legal dispute this year with Campari Group over the Chateau Miraval wine estate in France’s Provence region.
