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Judge Allowing Northern Beef Packers to Hire Banking Firm

FILE: Beef Production
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SIOUX FALLS, S.D. (AP) — A bankruptcy judge is allowing an idled South Dakota beef packing plant to employ an investment banking firm to pursue a sale.

Judge Charles Nail on Monday approved Northern Beef Packers‘ hiring of Lincoln International, which will seek a “stalking horse” bid in which one potential buyer makes an initial offer to set the floor for an auction.

Northern Beef Packers opened its $109 million state-of-the-art facility on a limited basis in 2012 after years of delays. But its owners filed for Chapter 11 bankruptcy protection less than a year later, saying they didn’t have enough money to buy cattle for slaughter.

Nail last week approved the plant’s request to borrow $512,000 to pay bills. Its request for $2.25 million in credit will be considered later this month.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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