Uncle Nearest Enters Receivership

Just a few years ago, Tennessee-based Nearest Green Distillery was enjoying some of the best times as their Uncle Nearest brands were some of the hottest on the market. But this week, a federal judge has ordered a receivership for Nearest Green Distillery after the business defaulted on more than $100 million in loans.

Farm Credit Mid-America, Uncle Nearest’s primary creditor, had filed a lawsuit asking to put Nearest Green under receiver control to ensure collateral does not go missing after FCMA had accused Nearest Green of providing inflated barrel inventory reports, breaching financial covenants, and misusing loan funds.

Uncle Nearest’s primary response was to blame most of the accusations on the company’s former chief financial officer (CFO), who is under a separate investigation.

Nearest Green Distillery co-founders Fawn and Keith Weaver will proceed following the receivership; however, the court has suggested they can continue to be publicly involved in the business.

“The court can craft a receivership order that still allows the Weavers to market Uncle Nearest and further build the brand. By keeping the Weavers involved in this way, they could mitigate any potential brand damage that a receivership might entail,” said the court in the court order.

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