Tuesday, December 16th, 2008...12:09 am
Stipulations of Offer for Agriprocessors Makes Sale Unlikely
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December 15, 2008–Troubled Kosher meatpacking company Agriprocessors, has an offer for a new owner, but the sale doesn’t look promising. Quantum Partners Inc., a Florida-based company, made an offer on the Postville plant. The deal would have Quantum pay off a $35 million loan from Agriprocessors’ biggest creditor, First Bank Business Capital. But this deal was also based on the stipulation that the bankruptcy case remain in a New York court, and that the Rubashkin family retain part ownership of the business.The case has now moved to an Iowa court and state officials say they do not want to see the Rubashkin’s retain any ownership in the company. WhoTV.com
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