Former Townsend assets set for sell-off
by Meat&Poultry Staff
Search for similar articles by keyword: [Legal
SAN FRANCISCO – Rabin Worldwide, an auction company, had the winning bid in a bankruptcy auction for the assets of chicken processor Townsend, according to newsobserver.com
The company bid $5.36 million for properties in North Carolina that include plants in Pittsboro, Siler City and Mocksville. Rabin already has agreed to sell equipment from the Siler City plant to Ozark Mountain Poultry, a Rogers, Ark.-based poultry processor. The auction company will send to auction any assets it does not sell.
Omtron, a US company owned by Ukranian billionaire Oleg Bakhmatyuk, bought the Townsend assets out of bankruptcy in February 2011. But Bakhmatyuk abandoned plans to enter the US poultry market due to volatility in the corn market. Omtron invested $10 million in the Siler City and Mocksville plants before announcing plans to close both facilities. The company said it was unable to cover production costs.