Deal Dispatch: Stoli On The Rocks As US Business Goes Bankrupt, Ally Financial To Sell Credit Card Unit

The U.S. division of Stoli Group hopes to get a deal under Chapter 11 bankruptcy protection.

The company applied on Nov. 27 to the U.S. Bankruptcy Court in the Northern District of Texas.

Stoli Group USA, based in New York, and Kentucky Owl American whiskey business plan to restructure all assets, valued up to $500 million. See below.

Stoli Group USA Files Chapter 11 with Up to $500M in Assets, Affiliate Kentucky Owl Joins Restructuring

BANKRUPTCY FILING ALERT 🚨

Stoli Group (USA), LLC
Chapter 11 – Northern District of Texas
Filed: 11/27/2024
Case No. 24-80146

📊 Assets: $100M-$500M | Liabilities:… pic.twitter.com/TSZG8Hcd3e

— RK | Consultants (@_RKConsultants) November 28, 2024

New On The Block

• Ally Financial ALLY is auctioning off its credit card unit after just three years of ownership, per Bloomberg. The Detroit-based auto lender acquired the segment in 2021 for $750 million.
  
• D.W. Shaw hired Alantra Partners to run the sale process for its Spanish non-performing loans and real estate assets, Bloomberg reports. The value of the portfolio is roughly €380 million (US$402 million).
  
• Mumbai-based Edelweiss Financial Services of India hired Nomura to find a buyer for a minority stake in its mutual fund business, which could have a total valuation of $700 million to $800 million, according to the Economic Times.

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Updates From The Block

• The Container Store has been unable to ink a deal or find financing. According to CNN, the Coppell, Texas-based company — known for selling bins — hoped for a $40 million financial lifeline from Beyond, the owner of Bed Bath & Beyond and Overstock.com. But, the agreement hasn’t worked out and now the franchise is on the verge of bankruptcy, although it hasn’t filed yet.

• Anglo American AAL agreed to sell its Australian steelmaking coal mines to Peabody Energy BTU for about $3.8 billion. This comes just days before mining giant BHP Group Ltd BHP is allowed to renew its takeover efforts for Anglo American.

• Acquisition-hungry UniCredit UCG offered to acquire Italian lender Banco BPM BAMI. The €10 billion offer was rejected, according to Axios. UniCredit also wants to buy Germany-based Commerzbank.

• Gold miner Newmont Corporation NEM sold its Éléonore mine in Quebec Tuesday to London-based Dhilmar for $795 million in cash. The sale follows Newmont's strategy to divest non-core assets following its milestone acquisition of Newcrest Mining in 2023.

• Schneider National, Inc. SNDR disclosed that it has agreed to acquire Cowan Systems, LLC and its affiliates for approximately $390 million in cash, subject to adjustments. The deal also includes a separate purchase of related real estate assets for $31 million.

For last week’s Deal Dispatch, click here.

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Image: Benzinga