Judge OKs Bankrupt Townsends' Auction Plan

Law360, New York (January 28, 2011, 6:03 PM EST) -- A bankruptcy judge approved auction procedures Friday for poultry processor Townsends Inc. to sell its assets, but the company still seeks a stalking horse to initiate bidding.

Judge Christopher S. Sontchi signed off on the procedures after a hearing in the U.S. Bankruptcy Court for the District of Delaware, scheduling an auction for Feb. 15 and a hearing to approve the sale on Feb. 17.

The order includes a 3 percent break-up fee for the stalking horse, should one be found. Derek Abbott of Morris Nichols...
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