Zacky Farms, a vertically integrated poultry company, is selling all of its assets to the Robert D. Zacky and Lillian D. Zacky Family Trust. The company conducted a Chapter 11 auction for the assets and the family trust was the successful bidder.
As part of the transaction, the trust will retain substantially all of Zacky Farms employees, which amounts to more than 1,000 jobs. The auction results were announced at a hearing of the bankruptcy court on January 18.
The sale is subject to approval by the bankruptcy court at a final hearing scheduled for 2 p.m. on January 28. Terms of the financing require the sale to close by January 31.
"We are extremely pleased that the Zacky Trust was the successful bidder whereby the operations and jobs of Zacky Farms are preserved,” said Keith Cooper, chief restructuring officer of Zacky Farms. “Further, this result confirms the commitment of Lillian Zacky and Scott Zacky to the continued operation and turnaround of Zacky Farms.
“I would like to personally thank all of the employees, customers, growers and vendors who have stood by Zacky Farms over the past three and-a-half months and have supported Zacky Farms during this challenging process," said Cooper. "This is a great day for Zacky Farms and the Zacky family of employees because it is now possible for Sam and Bob Zacky's legacy to continue with the third and fourth generations of the Zacky Family dedicated to the future of this company.”
On October 8, 2012, Zacky Farms filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of California in Sacramento, and has continued to operate as debtor in possession.
As part of the transaction, the trust will retain substantially all of Zacky Farms employees, which amounts to more than 1,000 jobs. The auction results were announced at a hearing of the bankruptcy court on January 18.
The sale is subject to approval by the bankruptcy court at a final hearing scheduled for 2 p.m. on January 28. Terms of the financing require the sale to close by January 31.
"We are extremely pleased that the Zacky Trust was the successful bidder whereby the operations and jobs of Zacky Farms are preserved,” said Keith Cooper, chief restructuring officer of Zacky Farms. “Further, this result confirms the commitment of Lillian Zacky and Scott Zacky to the continued operation and turnaround of Zacky Farms.
“I would like to personally thank all of the employees, customers, growers and vendors who have stood by Zacky Farms over the past three and-a-half months and have supported Zacky Farms during this challenging process," said Cooper. "This is a great day for Zacky Farms and the Zacky family of employees because it is now possible for Sam and Bob Zacky's legacy to continue with the third and fourth generations of the Zacky Family dedicated to the future of this company.”
On October 8, 2012, Zacky Farms filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of California in Sacramento, and has continued to operate as debtor in possession.
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