Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.
A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.
The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.
The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.
The sale of Agriprocessors in Postville was approved this morning by U.S. Bankruptcy Court Judge Paul J. Kilburg to a newly formed company.
SHF Industries, a company formed in May by Canadian plastics manufacturer Hershey Friedman and his son-in-law Daniel Hirsch, is set to become the company’s new owners. Friedman has indicated that he will continue the plant as a meatpacking operation, and will continue to focus on kosher products.
An initial bankruptcy auction failed to produce a buyer in March when two key holders of company debt made bids on their own interests. SHF Industries was able to work out deals with both the key debt holders — First Bank Business Capital and MLIC Mortgage — in May and June. SHF, according to documents released today by the court, also advanced funds to the estate in an amount in excess of $1.8 million.
SHF’s total offer for sale and transfer of assets was $8.5 million. The offer does not include leased equipment, tax refund claims, frozen inventory or commercial tort claims that were present or relate to anything prior to the sale. All other assets are being sold to SHF “free and clear of all liens, claims, encumbrances and other interests of any kind or nature.” This statement includes any outstanding payroll owed to Agriprocessors employees, taxes, fees and creditor debt. Existing plant employees that are hired by SHF will be provided new employment contracts as if they were assuming new employment.
Judge Kilburg stated that “without an expeditious sale of the assets, there will be substantial diminution in the value of the assets.” Anticipated closing date of the sale is Aug. 3, and SHF is not required to provide more than $800,000 to the bankruptcy trustee for business expenses between now and that date.
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