SIOUX FALLS, SD – A federal judge has approved a half million dollar loan so Northern Beef Packers can pay its bills as management prepares to sell the plant.
In July the Aberdeen beef processing facility closed its doors, laid off its workers and filed for bankruptcy less than a year after opening.
Attorneys for Northern Beef want more than $2 million in financing to keep the plant running and make it more appealing for a sale. But they had to get preliminary approval from a bankruptcy judge first – and they got that Thursday afternoon.
A year ago the plant was appraised at $76 million dollars.
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