NOBULL: Northern Beef Packers case details financial shortfall — Lack of market access is the real cause of failure!
Northern Beef Packers case details financial shortfall
By Lisa M. Keefe on 8/7/2013
Northern Beef Packers filed its financial statements in its bankruptcy case, detailing $79.25 million in assets — and nearly $139 million in liabilities, according to court documents.
The beleaguered company’s assets include $59.9 million in real estate and $19.4 million in personal property. Its liabilities include more than $128 million in secured claims, as well as $2.1 million in unsecured priority claims and almost $8.6 million in unsecured "nonpriority" claims, which include the company’s employees who, at the end, did not receive paychecks.
The co-debtors listed on the case are Northern Beef Packers Management LLC, which owns 40 percent of the company, and Oshik Song, a Korean businessman who, along with 69 other Korean investors, owns the rest.