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Sam Kane Beef files for bankruptcy

published: January 24th 2019
by: Martha Hollida Garrett
source: Southern Livestock Standard


Financially troubled Sam Kane Beef Processors LLC has filed for Chapter 11 bankruptcy protection. The company submitted the paperwork Tuesday in federal court in the Southern District of Texas.


The company has announced that it plans to sell.


In the 27-page filing, Kane Beef said it had between 100 and 199 creditors to repay, and reported assets and liabilities that each total $50 million to $100 million.


Retired Corpus Christi bankruptcy judge Richard S. Schmidt, who was appointed receiver for Kane Beef three months ago, said the company filed bankruptcy because it intends to sell.


The company says eight potential buyers have already submitited bids


Who does Kane Beef owe?

This is a list of creditors who hold the 20 largest unsecured claims against the beef processing company.

·  Marquette Commercial Finance, Minneapolis — $47.6 million 

·  Luckey Custom Feedlot, Devine — $5.8 million

·  Carrizo Feeders, Carrizo Springs — $4.17 million 

·  Texana Feeders, Floresville — $3.37 million

·  Runnells Peters Feedyards, Quemado — $3.1 million 

·  Morales Feedlot, Devine — $2.7 million

·  Bar G Feedyard, Hereford — $1.92 million

·  Lubbock Feeders, Wichita, Kansas — $1.88 million

·  Amigo's Beef Cattle, Corpus Christi — $1.83 million

·  MGM Cattle, Kingsbury — $1.79 million 

·  City of Corpus Christi — $1.15 million

·  Graham Land & Cattle, Gonzales — $1.11 million 

·  Starr Feedyard, Rio Grande City — $1.11 million

·  Santa Fe Feeders, Encino — $1 million 

·  Cal-Tex Feed Yard, Trent — $928,933.03

·  Immel Feed Yard, Fredricksburg — $887,885.22

·  McDonald Bar 6, Mathis — $791,205.33

·  J.B. Hunt Transport Inc., Dallas — $725,740.98

·  Live Oak Feedyard, Batesville — $709,860.42

·  Gateway Cattle Co., Knippa — $660,853.09

Source: U.S. Bankruptcy Court, Southern District of Texas


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