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.