Whiskey Maker Uncle Nearest Seeks Buyer

Uncle Nearest, the Tennessee whiskey company named for the man who taught Jack Daniel his craft, is looking for a buyer while under court supervision.

The company entered receivership last summer. A court-appointed attorney, Phillip Young, now manages its assets. Young's latest report shows the company remains insolvent, carrying more than $100 million in debt alongside years of unpaid taxes. He has been directed to sell the company's holdings, and he has filed regular updates on his progress.

Young's report points to a decline in liquor sales as part of the company's difficulties. He is working to sell some French vineyards, but one chateau remains unsold. The document states the market for Cognac chateaus has weakened because tariffs have cut demand for cognac even more than for whiskey. The report also cites the departure of key employees to other employers and ongoing financial investigations.

Investment activity has not materialized. Speculation arose this summer that an investment firm associated with Jay-Z might acquire Uncle Nearest, but no deal followed. Young's report states a buyer could still emerge for the company's assets.