An Aberdeen, South Dakota Attorney representing Northern Beef Packers says he’s working on a reorganization plan that could be finalized soon. Rory King says it’s called a debtor in possession financing proposal that if approved by the court will allow them to reorganize.
King says they’ll have a better chance of re organizing if the Judge rules against a Trustee’s motion to move Northern Beef from Chapter 11 bankruptcy status to Chapter 7.
King says even if the court rules against the re organization, the plant likely will be sold as there is interest from potential buyers.
Northern Beef Packers currently lists its liabilities at just under $ 139 million.