Independent professionals will run vodka maker Stoli’s US entities following a settlement with Fifth Third Bank. The move keeps the door open for restructuring rather than asset sales.
A Texas bankruptcy judge has ordered separate trustees to take the helm at Stoli USA and Kentucky Owl, bringing independent management to the vodka brand’s beleaguered American operations. The appointment, approved on Thursday, 5 February, closes one chapter in the company’s descent through Chapter 11 whilst leaving its ultimate fate still uncertain.
As per Law360, the ruling came after Stoli’s primary lender, Fifth Third Bank, opposed converting the cases to Chapter 7 liquidation. Under the…