Stoli’s Spirited Bankruptcy: Cyber Woes, Russian Seizures, and a Vodka Trademark War
Stoli Group’s U.S. companies are in bankruptcy after a ransomware attack wreaked havoc on their IT systems. The cyber fiasco forced manual operations and stalled financial reporting, leading to default claims on a $78 million debt. Meanwhile, Russian authorities seized the group’s last distilleries, labeling them “extremists” for supporting Ukrainian refugees.
Hot Take:
Stoli Group’s saga sounds like a vodka-infused version of a Shakespearean tragedy. Between ransomware attacks and Russian authorities seizing distilleries with a side order of political drama, it’s a perfect storm. With bankruptcy on the horizon, it looks like Stoli’s transition from spirits to spirited court battles will be the stuff of legends. And just like their vodka, this story is bound to leave a burning sensation.
Key Points:
- Stoli Group’s U.S. subsidiaries filed for bankruptcy post-ransomware attack.
- Russian authorities seized Stoli’s last Russian distilleries, valued at $100 million.
- Operational disruptions from the attack expected to last until 2025.
- Stoli Group engaged in a 23-year legal battle over vodka trademarks.
- Founder Yuri Shefler labeled an “extremist” for humanitarian efforts, fled Russia.