Defunct Bartels Packing expects to pay off debts through liquidation
Bartels Packing, a Eugene, Ore. Beef processor that shut down its operations earlier this month, said that it expects to pay off its debts through liquidation of its assets. The company had approximately $8.3 million in debt, including $4.6 million to cattle suppliers, reports the Capital Press.
According to court filings, the company’s assets are worth between $13.5 and $14 million, with $8 million in inventory, $300,000 in accounts receivable and more than $5.5 million in fixed assets, such as equipment.
Court documents stated that the equipment would fetch the highest price, “as part of a functioning meat harvest or packing facility or alternately as a lot, as opposed to selling equipment in a piecemeal fashion,” the filings said.
For more about the sale and the impact of the closure on the Northwest cattle market, click here: http://www.capitalpress.com/Livestock/20180326/defunct-oregon-beef-processor-expects-to-cover-debts.
Source: Capital Press