The assets of Elizabeth, N.J.- based Topps Meat Co. were auctioned off in federal bankruptcy court Tuesday for $1.25 million, a sale that could leave its Buffalo ownership empty-handed.
All but $107,500 of the proceeds will go to RBS Citizens Bank of Philadelphia, a secured creditor which is owned $14.5 million. Strategic Investments finds itself in a secondary position among some 5,000 businesses and individuals with claims against Topps.
Representatives of the Buffalo private equity firm, which has owned Topps since 2003, did not return calls Wednesday regarding the bankruptcy auction.
Catherine E. Youngman, the court-appointed trustee for Topps, said Strategic Investments could eventually see some compensation from the unallocated proceeds or litigation against the meat company’s insurance carriers.
“There are claims that will be pursued to generate funds for the creditors,” Youngman told the Associated Press.
Read the full Buffalo News story here.
Latest from Quality Assurance & Food Safety
- FDA Releases Produce Regulatory Program Standards
- Invest in People or Risk the System: Darin Detwiler and Catalyst Food Leaders on Building Real Food Safety Culture
- USDA Proposes Increasing Poultry, Pork Line Speeds
- FDA Releases New Traceability Rule Guidance
- TraceGains and iFoodDS Extend Strategic Alliance
- bioMérieux Launches New Platform for Spoiler Risk Management
- SafetyChain Receives SOC 2 Type 2 Certification
- Puratos Acquires Pennsylvania-Based Vör Foods
