Unsecured Creditors Say $68M Isn't Enough For Allen's

Law360, New York (July 25, 2011, 8:14 PM EDT) -- Unsecured creditors of Delaware-based Allen Family Foods Inc. objected Friday to its proposed sale to Seaford Milling Co. for a maximum of $68 million, claiming it did not account for administrative expenses, the true value of the company's assets or probable job losses.

The committee objects to the proposed sale of the company's most valuable assets for $30 million plus the value of inventory, which cannot exceed $38 million. They argue that Seaford should either pay for all of the inventory it receives above the $38...
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