In a compromise settlement between the lender companies in the Zacky Farms bankruptcy, California’s largest poultry producer, Foster Farms, has won the bidding to acquire 19 former Zacky Farms ranches in the Central Valley. If consummated, Foster Farms would elbow rival Pitman Family Farms out of the picture.
The news comes after a year-long bankruptcy hearing process saw one of the lending companies threatening to appeal if there was no compromise over the disposition of some of the Zacky assets in the bankruptcy filing launched last November.
Prior to this surprise development in the case – one of the finance lenders, Great Rock Capital had told the court if its deal was approved, they planned to lease the vacant ranches to Sanger-based Pitman Family Farms.
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