A judge approved the sale of NORPACâ€™s Quincy, Washington plant Wednesday afternoon in bankruptcy court. The winning bid came from Oregon Potato Company and, according to attorneys, may save the jobs of some formerly-terminated employees here in the Willamette Valley.
The decision comes after a day-long bidding war that was still going on about 15 minutes after the parties were due back in court.
After the hearing, NORPAC attorney Albert Kennedy said they would be conducting an auction and it would close that night. Instead, it continued through the morning and into the early afternoon.
After years of financial troubles, NORPAC filed for Chapter 11 bankruptcy in August, and announced plans to sell most of its assets to Oregon Potato Company for $155.5 million. But the buyer pulled out at that time, complaining NORPAC hadnâ€™t provided necessary documents to complete its due diligence on the transaction.