Daily News: June 19, 2014

Tiger Group, Schneider Conduct Quantum Foods Webcast Auction

By order of the U.S. Bankruptcy Court, Tiger Group’s Remarketing Services Division and Schneider Industries will conduct a live webcast auction on June 24, 25 and 26 for the assets of meat and poultry processing packing and distribution facilities formerly owned by Quantum Foods.

Quantum Foods was launched more than two decades ago as a hand-cut beef butcher. The company ultimately grew to an approximately 1,100-employee operation, supplying commercial accounts as well as overseas military bases. However, the recent withdrawal of troops in the Middle East, along with the loss of top retail clients, hurt its business operations, leading the company to file for Chapter 11 bankruptcy on February 18, 2014 in the Delaware Bankruptcy Court.

Online bidding is now under way for the assets, which include a 220,000-square-foot production facility, an 80,000-square-foot culinary facility, and a 250,000-square-foot cold-storage distribution center.

The auction features equipment from all major brands. The offering includes mixing, grinding, forming, tenderizing and cutting equipment, as well as cooking and frying lines and smokehouses at the company’s 220,000-square-foot main plant and 80,000-square-foot culinary plant.

Previews will be held at each of the three individual sites in Bolingbrook, from 9:00 a,m. to 5:00 p.m. (CT) on June 20th, 21st and 23rd. In addition to the main plant at 750 S. Schmidt Rd., these facilities include the culinary plant at 525 W. Crossroads Parkway and the cold storage distribution center at 550 Historic U.S. 66 Frontage.

Bidders can attend the June 24 through June 26 event in person at Quantum’s main plant located at 750 S. Schmidt Rd. in Bolingbrook, or can participate in the live webcast through bidspotter.com. The auctions begin at 10:30 a.m. (CT) each day. For direct links to the sale catalog, and to submit bids prior to the auction, go to www.SoldTiger.com

Previously on abfjournal: Crystal Financial Provides DIP Financing for Quantum Foods, March 20, 2014