The owner of the "Stolichnaya" vodka brand said that the August hacker attack contributed to his bankruptcy
The US division of Stoli Group has filed for bankruptcy protection in a Texas court.
The US division of Stoli Group has filed for bankruptcy protection in a Texas court.
The August hacker attack on the Stoli Group pushed its two American subsidiaries to bankruptcy, writes The Record.
In the bankruptcy filing, CEO Chris Caldwell cited a number of external factors that contributed to the financial problems of Stoli Group USA and Kentucky Owl ( KO ), which have $84 million in debt.
One of the most notable reasons was this year's ransomware attack that crippled the parent company's IT system.
"The attack caused significant operational problems across all Stoli Group companies, including Stoli USA and KO, as Stoli Group's Enterprise Resource Planning (ERP) system was disabled and most of Stoli Group's internal processes (including accounting functions) were forced to shut down." , Caldwell said.
He added that the systems would be restored "no earlier than the first quarter of 2025".
The attack also raised questions about how Stoli Group was meeting debt repayment demands made by its creditors. The cyber attack allegedly hampered the company's efforts to provide current financial data to creditors who accused the company of defaulting on its debts.
The US division of Stoli Group has filed for bankruptcy protection in a Texas court. The statement said that the company is experiencing significant financial difficulties: for assets of $100 million, its debts reached $100 million. Under US law, Stoli Group will continue to operate as usual while a plan is worked out with creditors to restructure its financial obligations.
We would like to remind you that previously the company's branch in the USA was established in 2013 and distributes all its products in the USA, except for Stoli vodka of the same name. The company owns a dozen spirits and wine brands in the US, including Stoli, Elit, Bayou vodka, Villa One tequila, Achavel Ferrer wine and Kentucky Owl whiskey. Stoli Group is owned by Yuri Scheffler, who left Russia in 2002. Since June 2024, Scheffler's company has owned the rights to the Moskovskaya and Stolichnaya vodka brands, which it bought at an auction in the Netherlands.
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