Thursday, White Oak investors of San Francisco California, former lender to Northern Beef Packers submitted the winning bid of $ 44.35 million to acquire the Aberdeen South Dakota facility. Aberdeen Development Corporation Executive Director Jim Barringer says he’s pleased to see the plant sold and is hoping they’ll move ahead with processing the region’s beef.
White Oaks’ bid included $ 4.8 million in cash to satisfy poor liens. According to Northern Beef Attorney Rory King, once the deal is finalized, former plant workers laid off during the bankruptcy will be paid money owed to them. Barringer says both of those are proper actions.
Barringer says there are many positives with White Oak’s acquisition including the building and the equipment on site for processing of beef.
It is not clear yet what plans White Oak has for the former Northern Beef Packing plant but local officials remain hopeful.