NORPAC Foods filed a motion in bankruptcy court Friday afternoon to sell its Quincy, Wash., plant for $93.5 million to Oregon Potato Company. However, no new sale has been proposed on the company’s plants in Salem, Brooks and Stayton.
When the Salem-based farmer cooperative filed for Chapter 11 bankruptcy protection in August, it stated it intended to sell the majority of assets of the company to Oregon Potato Company for $155 million.
But the Frank Tiegs-owned business backed out of the potential deal Oct. 18, citing environmental concerns at the Quincy and Stayton facilities, as well as regulatory issues.
The proposed purchase price includes $21.5 million for the Washington plant, certain machinery, equipment, assigned contracts, intellectual property assets and packaging material and approximately $72 million in estimated inventory.