Chicken Co. Set For Auction With $72M Stalking Horse Bid

Law360, New York (April 12, 2012, 4:38 PM EDT) -- Insolvent poultry producer Cagle's Inc. on Tuesday told a Georgia bankruptcy court that it had notified creditors that it would sell virtually all its assets at auction May 10, having received a stalking horse bid from JCG Foods Inc. of about $72.3 million.

U.S. Bankruptcy Judge Joyce Bihary approved the bankrupt chicken company's motion to sell at a hearing April 4, clearing the way for the auction once creditors were notified.

Cagle's had said in its March 23 motion to sell that, because of the terms...
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