Renegade Tobacco Co. moves closer to exiting bankruptcy
MOCKSVILLE — A U.S. Bankruptcy Court judge approved a disclosure statement that could move three Mocksville tobacco companies closer to exiting bankruptcy.
The Winston-Salem Journal reported that Judge William Stocks on Friday approved the disclosure by Peter Tourtellot, trustee for Renegade Holdings Inc., Renegade Tobacco Co. and Alternative Brands Inc. Tourtellot filed the statement May 28, amended it July 20 and modified it again Friday.
The companies have 94 employees combined, down from 140 when they initially entered bankruptcy in January 2009.
The Journal reported that Tourtellot has expressed confidence the companies can emerge from Chapter 11 bankruptcy protection in the first quarter.
The disclosure lays out Tourtellot’s plan for paying the companies’ financial obligations, including pooling at least $15 million into a liquidation trust, and resolving the legal responsibilities, including ousting Calvin Phelps as their owner.
Read more: The Winston-Salem Journal.