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Amber Beverage Group have noted that Stoli Group USA LLC and Kentucky Owl LLC proactive decision to file for voluntary Chapter 11 bankruptcy protection while Stoli Group is restructuring the company for future success.
This filing is expected to provide increased financial flexibility to accelerate investments and position Stoli Group for long term stability and success, while their business will continue to trade normally as Stoli Group works through this process.
The impact of this filing on Amber Beverage Group is expected to be positive, as these actions will create more appropriate financing structure and payment plan, including to Stoli Group USA LLC`s creditors. Among these creditors is Amber Beverage Group for provided IT services on a specific project in amount of or about USD 250 000.
It should be noted that Amber Beverage Group`s day-to-day partnership is established with S.P.I. Spirits (Cyprus) Limited, part of Stoli Group, that is supplied with goods by JSC Amber Latvijas balzams. We expect that this voluntary bankruptcy protection will positively impact trading relations between Stoli Group USA LLC and S.P.I. Spirits (Cyprus) Limited overall, which will enable stable supply and payment relations with Amber Beverage Group.
Arturs Evarts
Acting CEO
Amber Beverage Group
Paziņojums latviešu valodā ir pieejams ŠEIT.