Uncle Nearest Nears Sale to New Buyers After Previous Deal Collapsed
The insolvent whiskey brand Uncle Nearest is in talks with three potential buyers, according to its receiver. A Chapter 11 bankruptcy filing is planned to facilitate the sale of assets without existing liabilities.
Shelbyville, Tennessee – The embattled whiskey brand Uncle Nearest is reportedly nearing a sale, as its court-appointed receiver, Phillip G. Young Jr., has informed the court of ongoing discussions with three unidentified parties interested in acquiring the brand's assets. This follows the collapse of a previously announced deal with a confidential buyer, speculated to be Jay-Z's MarcyPen Capital Partners.
Young has stated that the company is insolvent and intends to proceed with a sale structured under Chapter 11 bankruptcy protection. This legal framework would allow a new owner to acquire Uncle Nearest's assets, including its distillery and grounds in Shelbyville, Tennessee, without assuming the company's existing debts.
An earlier attempt by co-founder Fawn Weaver to file for bankruptcy on behalf of the company was denied by a judge, who ruled she lacked the authority. The assets for sale include the Nearest Green Distillery, situated on 432 acres, and associated equipment.
In addition to the U.S. assets, Uncle Nearest's French vineyards have also been put up for sale, though this transaction requires French government approval. The company's chateau in Cognac remains unsold, as the brand navigates a period of significant financial and ownership uncertainty.