Koch Affiliate Acquires Cagle’s Assets
A BusinessWeek article announced that chicken company Cagle’s Inc. received approval from U.S. Bankruptcy Judge Joyce Bihary in the U.S. Bankruptcy Court in the Northern District of Georgia (Atlanta) to sell its assets to JCG Foods LLC, an affiliate of Koch Foods Inc.
The company sold its assets in an auction for $93 million, approximately $12.5 million more than the original offer, the article said. JCG Foods paid $49.7 million as well as the value of the company’s inventory and accounts receivable, which totaled about $43 million.
To read the BusinessWeek article in its entirety, click here.
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