ABERDEEN, S.D. — Attorneys have asked that a minimum bid of $12.75 million be set for an idled South Dakota beef packing plant at an auction scheduled for Dec. 5.
Lawyers for Northern Beef Packers filed a motion in federal bankruptcy court to establish bidding procedures for the plant, the Aberdeen American News reported (http://bit.ly/1bJtuXv ). Under the proposal, bids would be solicited for all the beef plant's property, including fixtures, improvements, machinery, equipment and supplies.
"Given the unique nature of the operating assets, it is impossible to estimate the value of the operating assets with certainty," according to the court motion. But the motion said the proposed minimum purchase price was determined to be an appropriate level to promote broad participation in a competitive auction for the plant's assets.
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