Closing Scheduled On Sale Of Failed Beef Plant
ABERDEEN, S.D. (AP) -- A bankruptcy judge has set a closing date for the sale of a failed South Dakota beef packing plant.
A San Francisco-based investment banking firm still holds the top bid of $44.4 million for Northern Beef Packers, the Aberdeen plant that filed for bankruptcy last summer because it lacked money to buy cattle for slaughter.
Judge Charles Nail set April 4 as the deadline to close on the sale.
The Aberdeen American News reports (http://bit.ly/1iNMLfz) that if White Oak Global Advisors cannot finalize the sale, the closing deadline for the other company that submitted a lower bid at the bankruptcy auction will be April 11.
White Oak has not said what it plans to do with the plant.