The South Dakota Board of Economic Development has canceled a $5 million loan commitment to an idled South Dakota beef plant.
The move was expected, as the loan was contingent upon the completion of construction of Northern Beef Packers and the meeting of certain financial and operational milestones. The Aberdeen company filed for Chapter 11 bankruptcy protection in July and never met those milestones.
The commitment was originally made in January 2010 and was extended through March 2014 at the board's Feb. 12, 2013, meeting.
Investment banking firm White Oak Global Advisors last month submitted the winning $44.3 million credit-and-cash bid for Northern Beef during a bankruptcy court auction in Sioux Falls. The deal has not yet closed, and the new owners have not announced their plans for the facility.
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