Companies interested in acquiring the assets of Northern Beef Packers have until this Friday to apply to become potential bidders for the upcoming auction. A minimum bid of $12.75 million has been set by the bankrupt company, reports the Associated Press. The sale includes the company’s Aberdeen, S.D. property, fixtures, improvements, machinery, equipment and supplies.
The U.S. Bankruptcy Court will determine which applicants can participate in the Dec. 5 auction at the federal courthouse in Sioux Falls. An investment banking firm working with Northern Beef, White Oak Global Advisors, is automatically deemed a qualified bidder.
Judge Charles Nail finalized the sale procedures this week. Nail said in his ruling that shortly after the auction, the court will identify the successful bidder, the amount of the highest and best bid and any other terms to allow the sale to close within three days.