CBS reports that the owner of Stoli brand vodka and Kentucky Owl bourbon has filed for Chapter 11 bankruptcy protection. Stoli Group (USA) “is experiencing financial difficulties,” according to the court filing. The firm claims it has assets estimated between $100 million and $500 million, and liabilities between $50 million and $100 million.
The company’s problems include ongoing conflict with the Russian Federation and a cyberattack that produced significant disruption in operations. CNN reports:
“The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’”
Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing.
Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.”
The cyberattack has reportedly upset US operations for the past two months. No ransomware group has yet claimed responsibility for the attack.
