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Plan to get Renegade out of bankruptcy gets mixed reviews

Posted on: 8:22 pm, October 7, 2012, by

Tobacco stock photo

MOCKSVILLE, N.C. — The bankruptcy exit plan for three Mocksville tobacco companies received a mixed response from its creditors, according to a filing last week.

Confirmation of the plan for Renegade Holdings Inc., Renegade Tobacco Co. and Alternative Brands Inc. could take place as early as 9:30 a.m. Tuesday at U.S. Bankruptcy Court in Greensboro.

The companies have a total of 94 employees, down from 140 when they initially entered bankruptcy in January 2009.

Officials said the goal is for Renegade to exit Chapter 11 bankruptcy protection in early 2013, focusing primarily on filtered cigars, including international contract sales, and taking its discount brands national.

U.S. District Judge William Stocks approved the disclosure statement by Peter Tourtellot, trustee for the three companies. Tourtellot has amended the plan three times, the latest being submitted Thursday.

Read more: The Winston-Salem Journal.