Minimum bid set for Northern Beef Packers plant
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ABERDEEN, SC – Lawyers for Northern Beef Packers have asked that a minimum bid of $12.75 million be set for the beef processing facility, according to an Associated Press report.
In a motion filed in federal bankruptcy court, bids will be sought for the facility, property, machinery, equipment and supplies. Northern Beef spent about $115 million on construction and equipment. The minimum bid was set to promote broad participation in the auction, according to the AP report.
The plant is facing $138.8 million in liabilities and has just $79.3 million in assets, according to court documents. Northern Beef Packers filed for Chapter 11 bankruptcy protection in July, and the company laid off most of its employees.