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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.