The purchase agreement was approved by a bankruptcy court, according to MeatPoultry.com. Under the deal, Raging Bull, a subsidiary of Oaktree Capital Management LP, assumes $30.3 million in liabilities. The deal is set to close April 23.
Before the sale is final, Quantum Foods will continue to solicit competing bids "to ensure it achieves the highest and best offer for its business," according to a statement, MeatPoultry.com reported. An auction is scheduled for April 17, with court approval set for April 21 and closing set for April 23.
Quantum Foods provides proteins for food service, military and retail outlets.