Investment Firm Wins Auction for Northern Beef09 December 2013
US - A private investment company is expected to take over the assets of the bankrupt Northern Beef Packers after it submitted the highest bid for the company last week.
The bid from White Oak Global Advisors beat the bid from American Foods Group, which had opened the auction with a bid of $12.75 million – the minimum to qualify for the auction.
According to a report in the Argus Leader, White Oak’s bid includes $39.5 million in a credit claim, which it claims Northern Beef owes it and another $4.8 million to pay off other creditors.
White Oak and American Foods were the only two to take part in the auction for the $115 million beef plant in Aberdeen South Dakota, tat closed earlier this year having been open for just a few months.
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