Northern Beef Packers Files for Bankruptcy23 July 2013
US - Troubled US beef processor, Northern Beef Packers has filed for Chapter 11 bankruptcy.
The company that was recently report to have failed to pay its workforce has filed for bankruptcy at the South Dakota Bankruptcy Court.
The company is reported to have assets of between $50 million and $100 million and liabilities for between $10 million and $50 million.
According to a report in the Aberdeen News the company has 277 unsecured creditors.
The voluntary petition of bankruptcy says it is "estimated that after any exempt property is excluded and administrative expenses are paid, there will be no funds available for distribution to unsecured creditors."
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