Northern Beef Packers LP is set to sell its assets to White Oak Global Advisors for $44.3 million, after that sale received the bankruptcy court's blessing on Thursday, the Wall Street Journal reported on Saturday. Bankruptcy Judge Charles Nail Jr. of the U.S. Bankruptcy Court in Aberdeen, S.D., approved the San Francisco-based firm's offer of $4.8 million in cash and $39.5 million in debt forgiveness, according to court documents. American Foods Group LLC also submitted a qualified offer of $12.7 million in cash, but White Oak was deemed the successful bidder. Northern Beef Packers filed for chapter 11 protection in July with a plan to sell its assets, after suspending operations at its South Dakota meat packing plant.
