NORPAC Foods Files for Bankruptcy With a Plan to Sell Its Assets

The grower-owned fruit and vegetable cooperative files for bankruptcy with a plan to sell its assets to Oregon Potato Co. for $149.5m, subject to adjustments, according to court papers.

• The Salem, Ore.-based company lists assets and debt of as much as $500 million in court papers filed Aug. 22 in U.S. Bankruptcy Court in Eugene, Ore.
• Affiliates, Hermiston Foods and Quincy Foods, also seek protection
• NORPAC, founded in 1924, is the largest processor of frozen fruits and vegetables in the Pacific Northwest, according to the filing
• The company employs about 2,700 workers of which, about 2,000 are union members
• NORPAC ...