Bankrupt South Texas beef processor sold

 

Associated Press

Feb 10, 2019

 

CORPUS CHRISTI, Texas (AP) — A South Texas beef processor has been sold to a North Carolina real estate developer at a court-approved bankruptcy auction.

 

Corpus Christi-based Sam Kane Beef Processors had filed for Chapter 11 bankruptcy protection last month . In a statement, JDH Capital Co. of Charlotte, North Carolina, said it intends to make “meaningful investments in the processing plant and will continue to operate the business as a going concern.

 

The slaughterhouse had agreed in a July federal court settlement to pay nearly $38 million over 18 months that it owed to livestock sellers. Federal law requires next-business-day payment for livestock purchases. That was after...

 

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