U.S. Tobacco Cooperative, Inc. (USTC) has begun planning for an exist from Chapter 11 bankruptcy. According to a recent press release, USTC now expects to exit bankruptcy in the summer of 2022.
“On February 2, after 17 years of litigation, we were able to reach economic terms of a settlement with the Lewis Class,” said Oscar J. House, chief executive officer, U.S. Tobacco Cooperative, Inc. “As we await final approval from the court this summer, we are beginning to prepare our exit from bankruptcy and continue providing the exceptional service and quality products our organization is known for across the globe.”
USTC is a grower-owned marketing cooperative based in Raleigh, North Carolina. The cooperative processes U.S. flue-cured tobacco grown by its member growers located in Florida, Georgia, South Carolina, North Carolina and Virginia. Member-grower tobacco is processed and sold as raw materials to cigarette manufacturers worldwide.
USTC has several subsidiaries including the U.S. Flue-Cured Tobacco Growers (USFC), Premier Manufacturing, Franchise Wholesale (dba Wildhorse Distributing), Big South Distribution, and King Maker Marketing, Inc. It’s through its subsidiaries that USTC produces and distributes several consumer products for the U.S. marketing including Wildhorse, 1839, Manitou, Shield, 1st Class Ultra Buy and Traffic.