SD Beef Plant Should Be Liquidated, Trustee Says

Law360, New York (August 28, 2013, 1:37 PM EDT) -- A bankrupt South Dakota beef packing plant's failure to secure meaningful financing dooms its hopes of reorganizing itself, and instead its operations should be liquidated and the plant sold through a Chapter 7 proceeding, the U.S. trustee said Tuesday.

U.S. Trustee Daniel M. McDermott, the federal bankruptcy watchdog for several states in the upper Midwest, has asked U.S. Bankruptcy Judge Charles L. Nail Jr. to convert Northern Beef Packers LP's Chapter 11 reorganization proceeding into a Chapter 7 liquidation, arguing that the Aberdeen, S.D., plant's inability...
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