U.S. Tobacco Cooperative Files for Chapter 11 Bankruptcy

U.S. Tobacco Cooperative, a grower-owned tobacco distributor, filed for Chapter 11 bankruptcy in North Carolina.

• Company listed assets and liabilities of as much as $500m each in its bankruptcy petition
• Cooperative is owned by more than 500 tobacco grower-members in the Southeastern U.S., per court papers
  • Company buys leaf tobacco from its members then sells it to domestic and international markets
• The case is U.S. Tobacco Cooperative Inc., 21-01511-5, U.S. Bankruptcy Court for the Eastern District of North Carolina (Raleigh)

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Jeremy Hill in New York at jhill273@bloomberg.net

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