Vodka Maker Stoli Says August Ransomware Attack Contributed To Bankruptcy Filing

A ransomware attack on the multinational Stoli Group in August helped push two of the vodka-maker's U.S. subsidiaries into bankruptcy, according to the company's CEO. From a report: In a Texas bankruptcy court filing on November 29, CEO Chris Caldwell attributed a range of external factors to the financial woes of Stoli Group USA and Kentucky Owl (KO) -- which are facing $84 million in debt. But one of the most prominent was a ransomware attack this year that damaged the parent company's IT system.

'In August 2024, the Stoli Group's IT infrastructure suffered severe disruption in the wake of a data breach and ransomware attack,' Caldwell said in the filing. 'The attack caused substantial operational issues throughout all companies within the Stoli Group, including Stoli USA and KO, due to the Stoli Group's enterprise resource planning (ERP) system being disabled and most of the Stoli Group's internal processes (including accounting functions) being forced into a manual entry mode.' Caldwell said the systems will be restored âoeno earlier than in the first quarter of 2025.â

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