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Townsends asset buyer Omtron files Chapter 11 bankruptcy protection
Story Date: 11/13/2012
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Source: Chris Scott, MEATINGPLACE, 11/12/12
The North Carolina-based company that acquired some of the assets of bankrupt Townsends Inc. last year itself has filed for Chapter 11 protection from its creditors.
Omtron USA LLC listed assets of $10 million and debts of $50 million in documents filed in a federal bankruptcy court in Wilmington, Del., according to Bloomberg.
Omtron paid nearly $25 million last year to acquire processing plants, hatcheries and feed mills from Townsends, which liquidated under Chapter 7 provisions in 2011 after failing to successfully reorganize under its own Chapter 11 filing in December 2010. Townsends cited record-high feed prices as one factor for the fiscal problems that affected its poultry business.
Omtron, which is owned by Ukrainian billionaire Oleg Bakhmatyuk, closed the North Carolina operations of Townsends last year and laid off more than 1,100 workers. Some of the former Townsends workers won a settlement of $157,000 last July to cover unpaid vacation time weeks before Omtron shut down the facilities in Siler City, N.C., and Mocksville, N.C.
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