AgFeed: $79 million asset sale to TriOak, Smithfield affiliates closes

By Jim Witters

Wilmington, Del., Sept. 18 - AgFeed USA, LLC closed on its $79 million sale of substantially all of its assets to affiliates of TriOak Foods, Inc. and Smithfield Foods, Inc., according to a Sept. 17 filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the court approved the sales on Aug. 29.

TriOak affiliates High Plains Pork, LLC and Cohoma Pork, LLC bought AgFeed's operations in Colorado, Oklahoma and Iowa.

Smithfield affiliate Murphy-Brown, LLC bought the North Carolina property from AgFeed, but left AgFeed with the inventory of hogs, which are scheduled for delivery to Hormel Foods, LLC under an existing contract.

The cash purchase price was $53.19 million, and the value of the inventory left at the North Carolina facility is $33 million to $34 million.

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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