A U.S. Bankruptcy Court judge has approved the sale of an embattled northeast Iowa kosher slaughterhouse to a newly formed company for $8.5 million.
Bankruptcy Judge Paul J. Kilburg on Monday approved the sale of Agriprocessors, Inc., to SHF Industries, a company formed by Canadian haredi plastics manufacturer Hershey Friedman and his son-in-law Daniel Hirsch in May.
The sale ends months of speculation about the Postville plant’s future since a massive immigration raid there in May 2008. Friedman says he plans to continue the Postville meatpacking operation with a focus on kosher meat.
According to the Iowa Independent, SHF will advance $1.8 million to the Agriprocessors estate in order to pay debts owed to First Bank Business Capital and MLIC Mortgage.
Under the conditions of the sale, the new owners do not have to make good on any other debts owed.