Stoli Group’s US arm and bourbon affiliate Kentucky Owl LLC got court approval of a packaged deal that provides for cash collateral and the appointment of two Chapter 11 trustees, despite an objection from the Justice Department’s bankruptcy watchdog.
The settlement filed Wednesday is “unorthodox” but not impermissible, Judge Scott W. Everett said during a Thursday hearing in the US Bankruptcy Court for the Northern District of Texas.
“This is a package deal that greases the skids for an orderly transition to a Chapter 11 liquidation and gives the future trustees substantial benefits, albeit with some hand tying,” Everett said. ...
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