A sale of whiskey brand Uncle Nearest is on the horizon.

The company, founded by Fawn and Keith Weaver, remains under receivership after reportedly owing its creditor, Farm Credit, more than $108 million, as AFROTECH™ previously reported. Phillip Young Jr. was appointed receiver of Uncle Nearest and maintains the stance that the brand is insolvent.

Young is looking to sell Uncle Nearest through Chapter 11 bankruptcy, Inc. reports. He announced four months ago that a sale was coming with a mystery buyer. However, that mystery buyer appears to be out of the picture after an agreement was not reached during the buyer’s exclusivity period. Now three anonymous parties are looking to purchase the brand, according to a court filing cited by Inc. The sale would also include the Nearest Green Distillery in Shelbyville, TN, and its equipment, Inc. reports.

As of this writing, no purchase agreement has been signed, but through Chapter 11, a buyer would acquire the company’s assets without its liabilities. Some progress has been made as Young completed the sale of Uncle Nearest’s French vineyards, which the Weavers acquired in 2023, according to The Spirits Business. The sale is now pending approval from the French government, Inc. reports. A chateau the company owns in Cognac has no buyer as of this writing.

Uncle Nearest is also under federal investigation. The receiver is dealing with subpoenas from the Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York. Though the nature of the investigation was not shared, this comes as Young himself conducts a forensic investigation concerning the company’s finances.

“[Fawn and Keith are] extremely disappointed about the progression of the receivership,” Curtis Johnson Jr., the Weavers’ lawyer, said, per Inc. “The process has been less than transparent from our perspective, and we look forward to the upcoming challenge to the receiver’s attempt to dismantle this company.

“This case was a dispute about the amount owed to a creditor, Farm Credit, under a financing agreement and unfortunately the receiver has developed this case into a battle over control of the company,” he continued. “This has not benefitted Uncle Nearest not its’ shareholders.”

Fawn and Keith Weaver were terminated from their roles at Uncle Nearest on June 1, per AFROTECH™.