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AgFeed bidder offers $79.23 million at auction for debtor's assets
By Jim Witters
Wilmington, Del., Aug. 28 - AgFeed USA, LLC named as the prevailing bid at auction an offer valued at $79.23 million, which topped the stalking horse by about $200,000, according to documents filed Aug. 27 with the U.S. Bankruptcy Court for the District of Delaware.
The prevailing bid came from High Plains Pork, LLC; Cohoma Pork, LLC; and Murphy-Brown, LLC during an Aug. 26 auction. The assets include hog farms in Iowa, North Carolina and Colorado.
The cash purchase price is $53.19 million. The higher value includes payment of fees and expenses and proceeds to be received from the sale and collection of assets not being acquired, the filing states.
Stalking-horse bidder the Maschhoffs, LLC was named second-highest bidder with an offer valued at $79 million after the payment of fees and expenses and the collection of assets not being acquired. The cash purchase price of the Maschhoffs offer is $80.76 million.
AgFeed's Oklahoma operation, the assets of parent AgFeed Industries and its Chinese subsidiaries were not included in the sale and are being marketed separately.
The sale hearing is scheduled for Aug. 29.
Under the bidding procedures, the sale must close on or before Aug. 31.
AgFeed USA, an Ames, Iowa-based producer of animal feed, filed for bankruptcy on July 15. Its Chapter 11 case number is 13-11761.
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