Federal trustee asks for Northern Beef Packers to be liquidated
A federal trustee has asked a judge to convers the Northern Beef Packers’ bankruptcy into a Chapter 7 liquidation. The company has been trying to obtain post-petition financing so that it would hire an investment firm to pursue a sale of its Aberdeen, S.D. facility, reports the Associated Press.
Assistant U.S. trustee James Snyder said in a petition that he believes that Northern Beef Packers, which filed for Chapter 11 bankruptcy protection last month, is "administratively insolvent" based on company reports and statements.