BOLINGBROOK, Ill. – Raging Bull Acquisition Company LLC, a subsidiary of Oaktree Capital Management LP, has agreed to buy Quantum Foods, LLC for $54 million. Quantum Foods filed for Chapter 11 bankruptcyprotection in February.

A bankruptcy court approved the asset purchase agreement, which provided for a substantial increase in the value paid for Quantum Foods by at least $6.5 million over previous stalking horse terms. The deal includes the assumption of up to $30.3 million in liabilities. The closing date of the sale is set for April 23.

Before the sale is final, Quantum Foods will continue to solicit additional competing bids the company "to ensure it achieves the highest and best offer for its business," according to a statement. An auction is scheduled for April 17, with court approval set for April 21 and closing set for April 23.

Quantum Foods produces value-added protein products such as portion-controlled, ready-to-cook and value-added fully cooked foods made from beef, poultry and pork.