Uncle Nearest Inc., the Tennessee whiskey maker embroiled in a fight with its largest lender for control of the company, was dealt a setback Thursday after a judge blocked its attempt to seek bankruptcy protection.
The judge said a court-appointed receiver, installed last year at lender Farm Credit Mid-America PCA’s request, had stripped founder Fawn Weaver of the authority to place the company into Chapter 11. Farm Credit is owed at least $108 million, according to court papers.
The company’s troubles are unfolding as distillers across the US contend with weaker demand, higher costs and a growing number of ...
