ALBUQUERQUE, N.M. (AP) — A last-minute $25 million cash offer is threatening to derail last week’s bankruptcy court auction for a defunct eastern New Mexico peanut butter plant.
Sunland Inc. trustee Clarke Coll on Monday asked U.S. Bankruptcy Court Judge David Thuma to let him consider the offer from Golden Boy Foods of Canada over the high bid of $20 million offered by a North Carolina during closed bidding Thursday.
He said the substantially higher offer could mean the difference between whether or not unsecured creditors will get any payments from the liquidation of Sunland Inc., which filed for bankruptcy last year following the 2012 salmonella outbreak that prompted a nationwide recall and shuttered its operations for eight months.
Hampton Farms tendered the high bid. Login to read more