Quantum Foods told most of its workers to stay home after a deal to sell the company fell through. In March, Raging Bull Acquisition Company LLC, a subsidiary of Oaktree Capital Management LP, agreed to buy Quantum Foods for $54 million.
Quantum Foods filed for Chapter 11 bankruptcy protection in February due to declining demand for its military products. A bankruptcy court approved an asset purchase agreement. The company said it owes more than $50 million to a secured creditor and more than $7 million to unsecured creditors.
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.