A federal bankruptcy judge has approved an idled South Dakota beef packing plant's request for $2.25 million in credit so it can employ an investment banking firm to pursue a sale, reports Associated Press. Judge Charles Nail on Thursday approved Northern Beef Packers' request during a hearing in Pierre.
Nail previously approved the Aberdeen plant's hiring of Lincoln International, which will seek a "stalking horse" bid in which one potential buyer makes an initial offer to set the floor for an auction.