Northern Beef Packers is asking a federal bankruptcy judge to allow it to borrow $2.25 million from White Oak Global Advisors in order to hire an investment banking firm to market and sell its Aberdeen, S.D., processing plant. The company is seeking to avoid liquidation, reports the Associated Press.
The investment banking firm, Lincoln International, would look for a ‘‘stalking horse’’ bid, in which one potential buyer makes an initial offer to set the floor for an auction that invites competitive bids. In its petition filed last week, Northern Beef said the plan offers the best chance ‘‘to resume operations and restore jobs to the community.’’