Sections

Weather Forecast

Close
Advertisement

Troubled Aberdeen beef plant borrowing $512K to pay bills

Email Sign up for Breaking News Alerts
News Mitchell,South Dakota 57301 http://www.mitchellrepublic.com/sites/all/themes/mitchellrepublic_theme/images/social_default_image.png
The Daily Republic
(605) 996-5020 customer support
Troubled Aberdeen beef plant borrowing $512K to pay bills
Mitchell South Dakota 120 South Lawler 57301

SIOUX FALLS (AP) — A federal judge is allowing Northern Beef Packers to borrow $512,000 to pay bills as its Chapter 11 bankruptcy case continues.

Advertisement
Advertisement
0 Talk about it

Judge Charles Nail approved the plant's request to obtain secured credit during a hearing on Thursday. Northern Beef's request to borrow $2.25 million and move forward with a sale of the beef plant will be considered during the next hearing, scheduled for Sept. 26 in Pierre.

Northern Beef Packers opened its $109 million state-of-the-art facility on a limited basis in 2012 after years of delays. But its owners filed for Chapter 11 bankruptcy protection less than a year later, saying they didn't have enough money to buy cattle for slaughter.

The plant wants to hold an auction sale rather than have its case move into a Chapter 7 liquidation.

Advertisement
Associated Press
Advertisement
Advertisement
randomness