Corpus Christi Kane Beef Processors Files for Chapter 11 Bankruptcy to Implement Sale
CORPUS CHRISTI, Texas, Jan. 23, 2019 /PRNewswire/ -- In order to facilitate the ongoing sales process of the assets of Sam Kane Beef Processors, LLC ("Sam Kane"), and to assure the fair treatment of our creditors and employees, the Receiver has, in accordance with the powers provided to him by the Receivership Order, decided to place Sam Kane under the protection of the U.S. Bankruptcy Court by filing Chapter 11.
Under these circumstances, the Receiver made the determination that bankruptcy is the best implementation method to assure a speedy sale and transfer of Sam Kane's assets to a new owner.
Chapter 11 will also allow for continued lending from either Sam Kane's lending institution or a Debtor in Possession lender. Sam Kane is a major employer in the Corpus Christi area and a national provider of beef.
The Company has engaged Okin Adams LLP as legal counsel, The Claro Group as financial advisor, and Gordian Group as investment banker.
About Kane Beef
Sam Kane Beef Processors, LLC is a leading independent, fully-automated processor and distributor of beef and beef products based in Corpus Christi, Texas.
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