AgFeed: court approves $50 million sale of stock to Good Charm

By Lisa Kerner

Charlotte, N.C., Nov. 26 - AgFeed USA, LLC's sale of its stock of AgFeed Industries, Inc. (British Virgin Islands) to stalking-horse bidder Good Charm International Development, Ltd. for $50.5 million was approved on Tuesday, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Ningbo Tech-Bank Co., Ltd. affiliate Good Charm has agreed to pay $52.88 million, less working capital adjustments of $2.38 million, for 100% of the outstanding stock.

AgFeed USA cancelled the Nov. 20 auction for the sale of the stock of AgFeed Industries (British Virgin Islands) after no other qualified bids were received by the bid deadline.

AgFeed USA, an Ames, Iowa-based producer of animal feed, filed for bankruptcy on July 15. Its Chapter 11 case number is 13-11761.

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