Former Norpac Foods bid procedures for sale of CoBank shares OK’d

By Sarah Lizee

Olympia, Wash., Oct. 28 – North Pacific Canners & Packers, Inc., formerly Norpac Foods, Inc., obtained court approval of the bidding procedures for its 45,397 shares of CoBank class A common stock, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Oregon.

The stalking horse bidder is Bimizci Fund, LLC. Under the asset purchase agreement, the purchase price may range from a low of $650,000 to a maximum of $1.35 million.

If Bimizci is not the successful purchaser, Norpac will pay it an expense reimbursement fee in the amount of $78,000.

Competing bids are due by 8 p.m. ET on Nov. 20.

A competing bid must exceed the purchase price by $100,000, with subsequent bids exceeding the previous bid by $50,000.

An auction, if necessary, will be held on Nov. 30.

The sale hearing is set for Dec. 3.

Salem, Ore.-based Norpac Foods is a grower-owned cooperative focused on processing frozen vegetables and fruit. The company filed bankruptcy on Aug. 22, 2019 under Chapter 11 case number 19-62584.

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