Stoli Group’s U.S. Subsidiaries File for Bankruptcy Amid Ransomware Attack and Russian Asset Seizure
The U.S. subsidiaries of Stoli Group have declared bankruptcy following an August ransomware attack and the confiscation of the company’s last distilleries in Russia by authorities.
Impact of the Cyberattack
Chris Caldwell, President and Global Chief Executive Officer of Stoli USA and Kentucky Owl, stated that the August cyberattack severely disrupted the company’s IT systems, including its enterprise resource planning (ERP) platform. Key details include:
- The ransomware attack forced manual operations across the company.
- Critical processes, such as accounting, were significantly affected.
- Full recovery of IT systems is not expected until early 2025.
“In August 2024, the Stoli Group’s IT infrastructure suffered severe disruption in the wake of a data breach and ransomware attack,” Caldwell noted. “The attack caused substantial operational issues throughout all companies within the Stoli Group, including Stoli USA and Kentucky Owl.”
Financial and Operational Fallout
The incident had far-reaching consequences:
- Stoli’s U.S. subsidiaries were unable to provide financial reports to lenders.
- Lenders claimed the subsidiaries defaulted on a $78 million loan.
Seizure of
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