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The Stoli Group’s US division, which owns Kentucky Owl bourbon and vodka under the Stoli name, has declared bankruptcy.
On Wednesday, Stoli Group (USA) LLC and an associate filed a Chapter 11 petition in Texas, claiming over $100 million
In assets and between $50 million and $100 million in liabilities. According to the Stoli Group website, the firm owns twelve wine and alcohol brands,
including Stoli, which is distilled in Latvia. Additionally, the company owns Achavel Ferrer wine, Villa One tequila, Bayou brand vodka, and Elit vodka.
Special batches of bourbon, which start at $400 per bottle, are among the whiskeys produced by Kentucky Owl at several price ranges.
According to court documents included in its bankruptcy case, Stoli Group (USA) “is experiencing financial difficulties.”
Businesses are permitted to go on as usual under Chapter 11 while they negotiate a financial restructuring plan with their creditors.
This year, the business is at least the second significant alcohol manufacturer to file for Chapter 11 protection. One of the biggest wine producers in the nation,
Vintage Wine Estates Inc. of California, declared bankruptcy in July. The business pointed to a decline in wine demand during lockdowns during the outbreak.
Stoli Group (USA) LLC, case number 24-80146, is in the Northern District of Texas US Bankruptcy Court.