Allens, a Siloam Springs company and national producer of canned vegetables, announced today that it reached an agreement on the terms of an asset purchase transaction in which Sager Creek will acquire substantially all of the company’s operations and assets, according to a recent news release.
“The agreement between Allens and Sager Creek was reached following an auction conducted under the supervision of the United States Bankruptcy Court for the Western District of Arkansas (the “Court”). A hearing at which Allens and Sager Creek will seek the required Court approval of the sale is scheduled for Tuesday, February 11, 2014,” the news release stated.
“As we had anticipated, the auction process for Allens’ assets was robust and competitive,” said Jonathan Hickman, Chief Restructuring Officer of Allens.
Hickman continued, “We are pleased with the result of the auction and believe that the selected bid maximizes the value of Allens’ assets for the benefit of our creditors. Sankaty and GB Credit Partners have been investors in Allens for some time and understand the business well. We believe their winning bid demonstrates continued confidence in Allens’ brands and its people, as well as its future prospects.”