Bid to buy Agriprocessors falls through - KWWL - Eastern Iowa Breaking News, Weather, Closings

Bid to buy Agriprocessors falls through


CEDAR RAPIDS, Iowa (AP) -- A company that made the opening bid for an embattled northeast Iowa slaughterhouse failed to complete due diligence on the slaughterhouse and is now considered just another bidder.

Agriprocessors Inc. bankruptcy trustee Joseph Sarachek says the bid of $40 million from Israeli firm Soglowek Nahariya Ltd. fell through because of the "mind-boggling" number of leases, and vendor and purchase agreements that had to be evaluated to determine how much Agriprocessors is worth.

Sarachek says if another leading bidder isn't found, Agriprocessors will be sold in a straight auction, which is scheduled for March 23. Sarachek says four or five companies are still considered serious bidders for the plant.

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