Renegade Tobacco may get French buyer after all
MOCKSVILLE, N.C. — An international package has turned the potential fate of three Mocksville tobacco companies from sorrowful to hopeful.
The Winston-Salem Journal reported that attorneys representing the bankruptcy trustee of Renegade Holdings Inc., Renegade Tobacco Co. and Alternative Brands Inc. submitted Friday a motion to approve the sale of the companies for $25 million to the recently formed U.S. subsidiary of French manufacturer Biosyntec.
The motion came two days after Judge William Stocks rejected the companies’ third bid – and the second reorganization plan – for exiting Chapter 11 bankruptcy protection. As a result, the closing of the Mocksville plant and liquidation of the companies loomed larger as a possibility.
The offer and the plan rejection represent the latest twists of a long and winding fight for survival of three companies, which have been in bankruptcy since January 2009. Their combined workforce is down to 78 from 140.
Read full story: The Winston-Salem Journal