An idled South Dakota beef processing plant is making another attempt at financing an auction sale in an attempt to prevent its bankruptcy case from moving toward liquidation.
Northern Beef Packers is asking a judge to allow it to borrow $2.25 million from White Oak Global Advisors so it can hire investment banking firm Lincoln International to market and sell the 420,000-square-foot facility in Aberdeen.
Lincoln would look for a "stalking horse" bid, in which one potential buyer makes an initial offer to set the floor for an auction that invites competitive bids.
Northern Beef says its plan offers the best chance to resume operations and restore jobs to the community. It wants the sale to close by the end of the year.
A preliminary hearing is scheduled for Thursday.
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