Quantum Foods Seeks Ch. 11 Protection, Biz Sale

Law360, Wilmington (February 19, 2014, 10:29 PM EST) -- Hit by a liquidity crunch and the loss of major customers, meatpacker Quantum Foods LLC sought protection in Delaware bankruptcy court Tuesday, looking to sell its operations in a Section 363 sale slated for next month.

The Illinois-based company has lined up CTI Foods Holding Co. LLC to serve as a $51 million stalking horse bidder for its proposed Chapter 11 auction, according to a first-day declaration by Quantum's chief administrative officer, Edgar Reilly.

Quantum, which is joined in bankruptcy by four subsidiaries, listed on its...
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