Bankrupt Townsends To Sell Assets For $76M

Law360, New York (February 17, 2011, 5:06 PM EST) -- A bankruptcy judge on Thursday said he would approve the sale of poultry processor Townsends Inc.’s assets to two separate buyers for a combined $76.3 million.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Christopher S. Sontchi said he would sign off on the sale to Peco Foods Inc. and Omtron Ltd. once the parties finalize the order and asset purchase agreements.

The two buyers prevailed at an auction on Wednesday, edging out Harim USA LTD.’s bid of $75.8 million....
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