A San Francisco-based investment banking firm has submitted the winning $44.3 million bid for an idled South Dakota plant during a bankruptcy court auction Thursday in Sioux Falls.
White Oak Global Advisors is the new owner of Northern Beef Packers, which filed for bankruptcy in July because it lacked money to buy cattle for slaughter.
The plant opened on a limited basis in 2012, but struggled to reach anywhere near its production target of 1,500 head per day. Employees were laid off and production was halted.
White Oak, which extended Northern Beef a loan of up to $35 million last September, was automatically deemed a qualified bidder.
The $12.75 million minimum set by the court is a fraction of the roughly $115 million invested in the plant and equipment.
Most Popular Today
- 1.Retail & Restaurants
Home Decor Store To Close
Major Black Hills Jewelers Announce Purchase Deal
GreatLife Golf & Fitness Adds Courses
Home Sales Down, Prices Up
Wells Fargo Adding Jobs In Aberdeen
- 6.Meetings & Events, Outdoors, South Dakota
State Fair In The School Calendar Debate
- 7.Gas & Energy
SD To Begin Using E15 In State-Owned Vehicles
International Honor For Sioux Falls Realty Group
- 9.Meetings & Events
Home Show Gets Rave Reviews
- 10.Your Money Matters
New Products For Your Home