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Korean company wins auction for Allen Family Foods

Associated Press//July 26, 2011

Korean company wins auction for Allen Family Foods

By Associated Press

//July 26, 2011

WILMINGTON, Del. — South Korean meat producer Harim has outbid Delaware’s Mountaire for Allen Family Foods.

The deal goes before a bankruptcy judge on Wednesday.

The 2,400 employees of Allen Family Foods Inc. are waiting to see what happens to their jobs as the company winds its way through bankruptcy. The company filed for bankruptcy protection earlier this year, saying at the time that it planned to sell nearly all of its assets to a new affiliate of Mountaire Farms of Delaware Inc.

That deal fell apparently apart on Monday when a Harim affiliate entered the winning bid at auction.

Allen chief executive Bob Turley says Harim representatives say they don’t plan to shut any of the plants they are buying.

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