Attorneys Seek $12.75M Bid For Beef Plant
by Associated Press
October 19, 2013 3:02 PM
Attorneys are asking that a minimum bid of $12.75 million be set for an idled South Dakota beef packing plant at an auction scheduled for Dec. 5.
Attorneys for Northern Beef Packers filed a motion in federal bankruptcy court to establish bidding procedures for the plant.
The motion says it is impossible to estimate the value of the plant's operating assets with certainty, but the proposed minimum price was determined to be an appropriate level to promote broad participation in a competitive auction.
Northern Beef had spent about $115 million on the plant and equipment. The plant opened on a limited basis in 2012, but its owners filed for Chapter 11 bankruptcy protection this year and laid off most of its employees.