Cagle’s Inc. is seeking permission from U.S. Bankruptcy Judge Joyce Bihary in the U.S. Bankruptcy Court in the Northern District of Georgia to sell all of its assets at an auction after accepting a bid from JCG Foods for $72.3 million. JCG Foods is an affiliate of Koch Foods Inc.
The company is asking for approval of auction guidelines, a BusinessWeek article said. The poultry producer would like to hold the auction on May 10 with a hearing the next day to approve the sale.
To read the BusinessWeek article in its entirety, click here.
Previously on abfjournal.com:
Cagle’s, Cagle’s Farms File Chapter 11; AgSouth to Provide DIP, Thursday, October 20, 2011