|
Allen's Bankruptcy Information
Since June 9, when Allen Family Foods announced that they
were filing Chapter 11 Bankruptcy Protection with the
intention to sell all of their assets, there has been a
great deal of uncertainty within the agricultural community
and poultry industry.
Some of that uncertainty was answered on July 27, when Harim
USA was confirmed as the buyer for the assets (see story
here).
On September 6, the sale closed. Because of our commitment to borrower confidentiality, we can't share a lot of details about that sale. We can tell you that there are ongoing court issues as a result of Allen's bankruptcy, and that could continue for the next few months. While MidAtlantic is involved in those issues as a result of our financial relationship with Allen's, we'd like you to know that the final details on those court decisions will not affect us materially going forward.
We can also give you a final update regarding our financial condition as a result of the bankruptcy and sale (as a headline: our financial condition continues to be very strong), and we can reaffirm our commitment to supporting agriculture throughout the mid-Atlantic region. You'll find those details on the link to "Impact on MidAtlantic Farm Credit."
Beyond that, if you have any additional questions for us, I hope that you
will call your local office or send an email to
alleninfo@mafc.com.
We've learned a lot the last few months, and we've re-learned some things as well. The greatest takeaway for us is that the best strategy during uncertain times is to share information as quickly and openly as possible, and to always remember the commitment that we have to our customers. We hope that this website—along with the more personal communications that we had with our borrowers and agricultural leaders throughout our territory--has helped us achieve both of those goals.
- Chief Executive Officer, Bob
Frazee |
