Stoli Group USA Files for Chapter 11 Bankruptcy Protection
Stoli Group USA, the American division of Stoli Group, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas. The company, which is based in New York, and its Kentucky Owl American whiskey business plan to restructure all assets, with a total value estimated at up to $500 million.
The company hopes to reach a deal under Chapter 11 protection, which would allow it to continue operating while reorganizing its finances. This news comes amidst a challenging economic climate for many businesses, including those in the alcoholic beverage industry.
Other Recent Business News
In other recent business news, Ally Financial is auctioning off its credit card unit after just three years of ownership. D.W. Shaw has hired Alantra Partners to run the sale process for its Spanish non-performing loans and real estate assets. And Mumbai-based Edelweiss Financial Services of India has hired Nomura to find a buyer for a minority stake in its mutual fund business.
The Container Store has been unable to secure a deal or financing, putting the company on the verge of bankruptcy. Anglo American has agreed to sell its Australian steelmaking coal mines to Peabody Energy for about $3.8 billion. UniCredit has offered to acquire Italian lender Banco BPM, but the offer was rejected. Gold miner Newmont Corporation has sold its Éléonore mine in Quebec to London-based Dhilmar for $795 million in cash. And Schneider National, Inc. has agreed to acquire Cowan Systems, LLC and its affiliates for approximately $390 million in cash.