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Whiskey Giant Uncle Nearest Faces Sale Amid Loan Default
3 Jun
Summary
- Uncle Nearest is being sold due to over $100 million in defaulted loans.
- A confidential buyer plans to retain the current workforce.
- Key assets in Tennessee are included; France and Martha's Vineyard are excluded.
The American whiskey brand Uncle Nearest is set to sell its assets, including the Nearest Green Distillery in Shelbyville, Tennessee. This move follows accusations of defaulting on over $100 million in loans, which led to the brand being placed under court-ordered receivership in August. A confidential buyer, described as an investment firm with African-American ownership and leadership, has signed a non-binding letter of intent.
The potential acquisition, expected within 45 days, excludes Uncle Nearest's residential property in Martha's Vineyard and its estate in Cognac, France. The firm reportedly aims to maintain the existing workforce, boost sales, and foster strategic partnerships while honoring the legacy of Uncle 'Nearest' Green.
Months of legal disputes preceded this development, including accusations from Farm Credit Mid-America regarding missed payments and the alleged misuse of loan proceeds. The brand's founder, Fawn Weaver, had previously filed a lawsuit against Farm Credit Mid-America, alleging a smear campaign, and attempted a Chapter 11 bankruptcy filing that was ultimately blocked.
