US food company Pennexx Foods has signed over the deed to its Philadelphia plant to Smithfield Foods after Pennexx was unable to repay a credit agreement with the US pork processor.
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Pennexx, which provides case-ready meat, said last week that discussions with a potential investor had broken down and therefore the company was unable to meet its payment obligations to Smithfield Foods.
As a result Smithfield requested the deed to the plant be delivered to a Delaware corporation owned by Smithfield, reported Dow Jones.
