A bid had been made for ownership of Furnas County Farms, according to a company news release. More specifically, the Omaha World Herald has reported that a group of Nebraska pork producers and businessmen has offered $57 million for the ailing pork production company.
Furnas filed Chapter 11 earlier this month. AFA Acquisition LLC (which stands for Ag & Food Associates), a firm that brokers agricultural deals, has an initial agreement to buy most of the related operations, the news release reports.
AFA is not the buyer, rather the company is simply representing the buyers, says Mark Lakers, AFA president. He would not name the buyers at this time.
Furnas County Farms, founded by Chuck Sand in Columbus, Neb., has facilities in Nebraska, Iowa and South Dakota. It’s estimated that the farrow-to-finish company accounts for 15 percent of Nebraska’s current pork production. A group of lenders assumed control of operations last summer and installed a new management team.
According to the bankruptcy court process, there will be time for other potential buyers to bid on Furnas County Farms. The company has actually filed a motion to accelerate certain steps in the process to maximize the allotted time to find other buyers.
Court reports show that Furnas lists $89.5 million in assets and $197.4 million in liabilities– all but $6.5 million is owed to secured creditors.
Omaha World Herald and Furnas County Farms news release