Lender Offers $50M For Control Of Kosher Meat Packer

Law360, New York (December 17, 2008, 12:00 AM EST) -- A Florida-based lender has agreed to provide up to $50 million to bankrupt kosher meatpacking company Agriprocessors Inc. in exchange for taking on a controlling share in the family-owned business.

Quantum Partners Inc. filed a letter of intent Friday in the U.S. Bankruptcy Court for the Eastern District of New York stating that the financing company was prepared to pay off Agriprocessors’ major secured creditor, First Bank Business Capital Inc., which would help enable the meat packer to emerge from Chapter 11 protection.

Quantum said it...
To view the full article, register now.