The sale of the embattled Agriprocessors meat packing plant in Postville may take awhile. A judge could have approved the sale in federal bankruptcy court Wednesday, but trustee Joe Sarachek says legal issues are causing delays. "It’s really a technical issue having to do with how this sale was done, which was through the purchase of two pieces of debt," Sarachek said.
If the technical legal issues are resolved, the sale could be completed as early as today. "Subject to an acceptable order, the court is considering approving the sale," Saracheck said. First Bank and Met Life Insurance hold multi-million dollar liens on the plant and they must agree to the sale before it can be approved. The judge could approve the sale to a newly formed Iowa company called SHF Industries. If the sale goes through, SHF is slated to take control of the plant on August 3. An attorney for the proposed buyer says the company is getting weary of the ongoing proceedings but does not intend to walk away from the deal.
Agriprocessors was the site of an immigration raid last May where nearly 400 people were arrested. The company filed for bankruptcy in November.