Raging Bull, a subsidiary of Oaktree Capital, has emerged as the stalking horse bidder for protein firm Quantum Foods.
Quantum has entered into a fully-executed asset purchase agreement with Raging Bull after receiving bankruptcy court approval for the move, the firm revealed yesterday (19 March).
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Raging Bull has agreed a cash purchase price of US$54m and the assumption of up to $30.3m in liabilities.
As part of the planned sale process, under the terms of Quantum’s Chapter 11 bankruptcy, the group will continue to solicit competing offers for an auction, scheduled to take place on 17 April.
In the meantime, the company confirmed that it has received debtor-in-possession funding of $60m to ensure the continuation of uninterrupted operations.
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