Stoli Subsidiaries Crumble: Ransomware and Putin’s Grudge Cost Millions
Stoli Group’s US subsidiaries are drowning in debt after a ransomware attack, legal battles with Putin, and the pandemic’s hangover. With an $84 million tab and a fractured lender relationship, they’re filing for Chapter 11. While Stoli tries to shake off the ransomware attack, their financial woes are enough to make anyone need a stiff drink.
Hot Take:
When life gives you ransomware, file for bankruptcy and pour yourself a stiff drink! Stoli Group’s U.S. subsidiaries are grappling with a financial hangover that even vodka can’t cure. Cheers to a cocktail of ransomware, economic woes, and legal spats with Putin – a true recipe for disaster!
Key Points:
- Stoli Group’s US subsidiaries, Stoli USA and Kentucky Owl, have filed for bankruptcy due to financial struggles worsened by a ransomware attack.
- The ransomware attack disabled their enterprise resource planning system, forcing manual operations and compliance issues.
- Ongoing legal battles with Russia over vodka trademarks have drained company resources significantly.
- Financial difficulties are compounded by reduced alcohol demand post-COVID and global economic challenges.
- Subsidiaries owe large sums to numerous creditors, including marketing and sports entities.
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