AgFeed Gets Nod For Ch. 11 Auction With $79M Stalking Horse

Law360, Wilmington (August 1, 2013, 5:54 PM EDT) -- Bankrupt AgFeed Industries Inc. won court approval Thursday for sales procedures that give parties three weeks to top the $79 million stalking-horse bid for the hog farmer's U.S. operations, fending off arguments that the auction terms would restrict competing offers.

At a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon signed off on AgFeed's proposed procedures, overruling objections that sought to extend the bid deadline and reduce the amount the stalking-horse bidder would receive if it failed to prevail at auction.

Although he acknowledged that...
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