U.S. Tobacco seeks court approval to sell property for $16.1 million

By Sarah Lizee

Olympia, Wash., April 19 – U.S. Tobacco Cooperative Inc. is seeking approval to sell its real property located in Fuquay-Varina, N.C., to Cityplat Capital, LLC, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of North Carolina.

The purchase price is $16.1 million.

Closing is expected to occur on or before July 15.

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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