The news report quotes a spokesman of Arkansas Governor Mike Beebe as saying assistance could come in the form of economic development incentives. The spokesman declined comment about how much aid the state would provide, nor would he provide information about the buyers.
Pilgrim's Pride, headquartered in Pittsburg, TX, filed for Chapter 11 protection in December 2008. The company announced plants' shut-downs in late February due to a cut in production of what it calls "low-value, commodity meat." The plants will close in May.
The AP article notes that, following a recent federal bankruptcy hearing in Fort Worth, Pilgrim's Pride said it would solicit bids for the plants. Bids are due May 15 and, depending on acceptance, a sale hearing would take place on or before June 16.
AP reported last month that Foster Farms of Livingston, CA will buy the Farmerville plant for $80 million. Terms of that deal called for the buyer to pay $40 million, while the state of Louisiana kicks in the other half.
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