Kane Beef, headquartered in Corpus Christi, Texas, has filed for Chapter 11 bankruptcy protection and intends to sell its assets. The company’s plant in Corpus Christi was temporarily closed last week after it was discovered that it was discharging unauthorized waste into the city wastewater system.
According to the Corpus Christi Caller Times, Kane Beef disclosed in a court filing that it had between 100 and 199 creditors to repay, and reported assets and liabilities that each total $50 million to $100 million. Eight potential buyers have submitted bids for acquisition already.