Agway's feed business receivables goes to joint venture

Washington, March 15 - Agway Inc. auctioned off its feed business receivables to a joint venture for $11.9 million, the company said.

The joint venture includes Gordon Brothers, Clear Bid and Agricapital.

The $11.9 million was $790,000 over the stalking horse bidder, who will get the $240,000 break-up fee.

The sale is supposed to close March 19.

Agway, a Syracuse, N.Y.-based agricultural cooperative, filed for Chapter 11 in October in the bankruptcy court for the Northern District of New York.

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