Northern Beef Packers sold to White Oak for $44.3 million
A bankruptcy judge approved last week the sale of the assets of Northern Beef Packers to White Oak Global Advisors for $44.3 million. The offer includes $4.8 million in cash and $39.5 million in debt forgiveness, reports the Wall Street Journal.
The only other bidder mentioned in the WSJ report was American Foods Group, which submitted a qualified offer of $12.7 million in cash. Northern Beef Packers filed for Chapter 11 bankruptcy in July with a plan to sell its assets, after suspending operations at its South Dakota meat packing plant. The company was not able to find a steady cattle supply and defaulted on its loan to White Oak in March of 2013.