Bankrupt beef plant to pay bills, seeks sale

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Northern Beef Packers was granted permission to secure a loan of $512,000 to pay bills as it searches for a buyer.

The plant’s Chapter 11 bankruptcy case is ongoing and owners are attempting to find a buyer, hoping to avoid moving to Chapter 7 liquidation.

The Associated Press reports a judge approved the plant’s request to obtain secured credit during a hearing on Thursday. Northern Beef is seeking an additional $2.25 million loan which will be determined at a hearing in two weeks.

Keloland Television reports the plant that remained open for less than a year was appraised last year at $76 million. Northern Beef plans to put its facility up for auction with a sale finalized by the end of the year.

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