Lenders to foreclose on North Dakota beef plant
FARGO, N.D. (AP) -- Officials with North Dakota Natural Beef LLC say lenders have notified the company that they intend to foreclose on its closed meat processing plant in Fargo.
President and CEO Dieter Pape tells Agweek (http://bit.ly/U7mHR0 ) that the company had been keeping the plant in operating condition for a potential sale but vacated it in late November.
North Dakota Natural Beef was created as a companion company to the New Rockford-based North American Bison Cooperative, and the two companies have shared management. Pape says North Dakota Natural Beef never made an annual profit, and lost its last customer earlier this fall.
Pape says that while North Dakota Natural Beef has failed, the bison co-op is struggling to find enough suppliers to keep up with demand.
Information from: Grand Forks Agweek, http://www.grandforks.com/mld/agweek/
Copyright 2012 The AP.