Job Offers

Specials more

Top 5 -yesterday

Top 5 -last week

Top 5 -last month

Just a quarter of what they are owed

Former NORPAC offers to pay farmers $4.5 million

NORPAC was a farmer-owned company that worked to improve farming and food processing practices in the US. The company had to file for Chapter 11 Bankruptcy protection in August 2019, stating it had $164 million in debt.

The company that won the right to purchase some of the assets of NORPAC Foods in bankruptcy court has sued the farmer-owned cooperative for $7.1 million. Now, the former NORPAC is proposing to pay $4.5 million to settle with its former farmers for crops they delivered to the agricultural processor in 2019 while the company was starting its bankruptcy proceedings, but it’s about a quarter of what the farmers are owed.

In the filing submitted Tuesday by Tonkon Torp attorney Albert Kennedy, who is representing the bankrupt co-op now known as North Pacific Canners and Packers, farmers who delivered crops to the company in 2019 were owed over $16 million. reports that, for the settlement to move forward, farmers with 85% of the outstanding claims must sign the agreement.

Click here to read the full article.

Publication date:

Receive the daily newsletter in your email for free | Click here

Other news in this sector:

© 2020

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber