Men’s Journal reported on May 3 that Devils River Whiskey, a Texas brand that signed on “Dune” and “Guardians of the Galaxy” star Dave Bautista as an investor in 2023, filed for bankruptcy.
According to The Street, Devils River reported that it had $1 to $10 million in assets and liabilities within its Subchapter V petition that it filed with the U.S. Bankruptcy Court for the Western District of Texas.
The brand shared that it owed over $258,000 to Sazerac, $317,000 to McDermott, Will & Emory, $132,000 to AREA Real Estate and more than $83,000 to Romph & Pou Agency.
The Street reported that Devils River faces expectations that it will provide the proper payment to its “unsecured creditors.”
Devils River took its name from the body of water in Southwest Texas, and in 2023, the brand appeared to be experiencing exponential growth. Devils River earned placements in five different countries and was making waves on cruise lines.
The brand attracted the attention of the “Guardians of the Galaxy” star, Dave Bautista. In 2023, Bautista joined the brand’s team of “Devils Advocates” as an investor and partner.
“We are thrilled to have someone of Dave’s caliber as an investor and partner,” said Co-Founder and CEO of Devils River Whiskey Mike Cameron in a news release. “Dave’s involvement in our brand is a major step toward Devils River Whiskey leading the diversification of bourbon culture and elevating Texas whiskey.”
Devils River’s filing marks the latest in an eerie trend of craft distillers filing for bankruptcy. Westward Whiskey, a popular and critically-acclaimed craft distillery based out of the Pacific Northwest, filed for Chapter 11 bankruptcy in early April.
Westward stands firm in the fact that the filing appears to be a minor setback, and the brand is focusing on restructuring for uncertain times. CEO and Founder Tom Mooney shares that the situation at Westward is very common amongst craft distillers at the moment.
“Every single thing I’ve said about Westward and what brought us here is true about dozens of my friends,” Mooney expressed. “But this is an especially important time for anybody who appreciates the value of independent producers and what they bring to the industry. Everybody needs the support, right?”
No responses yet