The plant has 80,000 sf of production facility. A Thompson Nutritional Technology representative said that more than $20 million had been invested in the plant.
Two other pet food manufacturers, Ralston Purina Co. and Hills Co., were present at the auction, but only Midwest Grain Products submitted a bid. A Thompson Nutritional Technology representative said that more than $20 million had been invested in the plant.
Midwest Grain has indicated plans to manufacture food supplements, including a variety of wheat-based products. Among the products slated to be manufactured at the plant include industrial alcohol and vital wheat glutten.
In 1994, TNT was started by Richard Thompson, also the founder of American Pasta Co. The plant manufactured a pasta-based food. Company leaders filed for Chapter 11 bankruptcy last November, owing about $18 million.
A cash bid of $525,000 for TNT's intellectual property, including trademarks, patents and formulas and $260,000 in credit for an adjacent 12-acre vacant industrial tract was approved by U.S. Bankruptcy Court Judge John T. Flannagan.
Among creditors are Wells Fargo Business Credit and the Unified Government of Wyandotte County/Kansas City, Kn. The two secured creditors were owed $14.2 million. It is expected that Wells Fargo will recoup the $10 million it is owed. The government gained control over the company's equipment and will likely sell it to regain the money it lost in guaranteeing the loans. The unsecured vendors, mostly suppliers and vendors, are owed the remaining $4 million.
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