Stoli Group’s US arm and bourbon affiliate Kentucky Owl LLC asked a bankruptcy judge to convert their Chapter 11 restructuring to a Chapter 7 liquidation after failing to reach a consensual resolution with a secured lender.
Following a judge’s October denial of Stoli Group (USA) LLC’s bankruptcy exit plan, the company has faced mounting administrative costs and doesn’t have the money to continue operating, it said in a Wednesday filing in the US Bankruptcy Court for the Northern District of Texas.
Stoli USA can’t continue to work on a turnaround plan and shoulder costs that are diminishing potential recoveries for ...