加拿大华人论坛 加拿大留学移民美国投资移民 - 转载:Chapter 11 offers options for beef plant(南达科塔州)



在加拿大


Former employees say National Beef reps toured Northern Beef Packers July 27, 2013|By Jeff Natalie-Lees, [email protected] The future is uncertain for Northern Beef Packers as it heads into Chapter 11 bankruptcy, but there are several possible scenarios. Jon Van Patten, professor at the University of South Dakota School of Law with a specialty in bankruptcy law, said Northern Beef's decision to file Chapter 11 shows that the owners want to retain control of the company's future within the limits imposed by the bankruptcy court. "The company did not choose Chapter 7 bankruptcy, which is basically a liquidation," Van Patten said. "The owners are not discharging their debt, but are seeking to re-write the debt to whatever the creditors will accept." The bankruptcy plan includes such provisions as readjusted debt amounts. Northern Beef owes millions of dollars to 277 unsecured creditors. "The creditors may say they are willing to take less money in the hopes of getting something rather than nothing," Van Patten said. "As the saying goes, 'They are going to take a haircut.’ ” The plan typically includes payback schedules and various conditions. The creditors have a large say in determining this, Van Patten said. Restructuring debt could potentially make the company better able to attract new investments or make it more attractive to a buyer, he said. There has been speculation that Northern Beef is up for sale or is trying to attract a partner. Several former employees have said that representatives from National Beef, the fourth-largest beef processor in the country with headquarters in Kansas City, Mo., toured the plant in early June. Mark Wojtaszek, a laid-off Northern Beef employee, said that a National Beef representative visited the knife room at the plant while he was working there. "They were taking a tour of the plant," he said. "I can't say if they were there to buy it or invest in it. All I can say is that they were there asking questions." Jeffery LaCroix, a laid-off meat cutter at Northern Beef, said he also saw the group touring the plant. Northern Beef Packers filed for Chapter 11 bankruptcy protection on July 19. On Wednesday, 260 workers were laid off from the plant. Van Patten said that Chapter 11 is sometimes used as a way to buy time when a company is trying to find a buyer. A bankruptcy plan is not due until 120 days after filing. There can also be extensions granted. Van Patten said that there are many examples of companies that have gone through Chapter 11 and come out it to become successful. It, however, depends on the industry and specific conditions in the industry, he said. "There were a lot of beef plant bankruptcies in the 1980s, but the conditions were different," he said. "At that time, the plants were struggling with high costs and used Chapter 11 as a way to get concessions on labor costs. It sounds like that is not the problem at Northern Beef. The problem seems to be on the revenue side if they are not slaughtering cattle." Formulating the bankruptcy plan is a process of negotiation between the company, its secured creditors and unsecured creditors. There is a possibility that the Chapter 11 bankruptcy does not work out and the court converts it to a Chapter 7 bankruptcy. A lot more will be known after the motion to use cash collateral is heard, Patten said. That motion releases money to allow a company to operate on the short term. Important conditions and stipulations are often involved in that motion, he said. "You will be able to know a lot more about where the case is headed after that hearing," he said. The motion is scheduled to be heard Wednesday in federal court in Sioux Falls, according to court documents. Judge Charles Nail Jr. will hear the case. Follow @Business_AAN on Twitter.

  ·中文新闻 UberEats 员工通过他有史以来最简单的送货服务赚取了 6 美元
·中文新闻 《我是名人》明星卡勒姆·霍尔 (Callum Hole) 为澳大利亚海岸带来

加拿大留学移民-加拿大

漂亮国旅签小贴士

华人网漂亮国旅签免面试签政策一直都有,只是这一尝试等了十年,漂亮国政策都在网上,只要你按照他的步奏准备,没有什么困难的,不要去猜测,更不要吓唬自己,以讹传讹。自己什么情 ...

加拿大留学移民-加拿大

中美双籍移民加拿大。

华人网全家两套护照,两套名字,应该用哪个国籍申请加国移民签比较合适?考虑到税收,移民监,改名,签证批准率等问题的话?另,枫叶卡上的国籍是否可以改? 评论 加州甜橙 说:全家两 ...

加拿大留学移民-加拿大

双护照香港转机的朋友们

华人网入境中国难道只看中国护照吗?多年前从加直达国内边境还要看护照+枫叶卡。如此推论从香港入境,是不是也类似需要中国护照+通行证?加之中国护照乃加国领馆颁发,从香港入境无枫 ...

加拿大留学移民-加拿大

双护照从海南走可不可行?

华人网59个国家人员持普通护照赴海南旅游,可从海南对外开放口岸免办签证入境,在海南省行政区域内停留30天。如果用加拿大护照去海南,然后用身份证入中国大陆,回来再从海南走。这可 ...