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U.S. Tobacco gets court approval to sell property for $16.1 million
By Sarah Lizee
Olympia, Wash., May 17 – U.S. Tobacco Cooperative Inc. secured approval to sell its real property located in Fuquay-Varina, N.C., to Cityplat Capital, LLC, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of North Carolina.
The purchase price is $16.1 million, as previously reported.
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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