U.S. Tobacco gets extension of exclusive solicitation period

By Sarah Lizee

Olympia, Wash., April 1 – U.S. Tobacco Cooperative Inc. secured an extension of its exclusive period to solicit votes on a Chapter 11 plan through July 7 from May 3, according to an order filed Friday with the U.S. Bankruptcy Court for the Eastern District of North Carolina.

The company has filed a Chapter 11 plan, as previously reported. The disclosure statement for the plan was conditionally approved by the court on March 23, and the company has started soliciting votes.

U.S. Tobacco said it is “cautiously optimistic” that the plan will be confirmed by late June.

“It would be highly disruptive to the debtors’ reorganization efforts to allow a party in interest to interfere with the debtors’ solicitation of the plan and open the door to competing plans at this juncture,” the company said in its motion.

Raleigh, N.C.-based U.S. Tobacco is the largest tobacco cooperative in the United States. It filed bankruptcy on July 7, 2021 under Chapter 11 case number 21-01511.

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