Thread: Iowa meatpacker files for bankruptcy protection

Iowa meatpacker files for bankruptcy protection

ASSOCIATED PRESS

7:26 a.m. November 5, 2008

DES MOINES, Iowa – A kosher slaughterhouse in Iowa has filed for bankruptcy protection, blaming a May immigration raid for financial difficulties.

Agriprocessors' move to file for Chapter 11 bankruptcy protection on Tuesday comes a day before the meatpacker was to meet in court with its biggest lender, First Bank of St. Louis.

The bank is seeking to foreclose on the plant in Postville and appoint a third party to oversee Agriprocessors' assets.
The bankruptcy filing says Agriprocessors owes $50 million to $100 million to creditors.

The plant was the site of a May 12 immigration raid in which 389 people were arrested.

A lawyer for the company did not immediately return a call Wednesday seeking comment.

http://www.signonsandiego.com/news/nati ... house.html

Why doesn't the government make the welfare recipients take those jobs LOL.

Figured that was comming. Has some probably due to debt, but it's also protection for not paying out for any law suits that could come their way. My father was 60% disabled because the factory he worked for wasn't following safety procedures, so once they discovered that, they filed bankrupsey in order to not have to pay him anything for his permenant disability. They paid for his surgery but he never got so much as 1 dime for the rest. Disabled enough to not be able to do the things he used to do, but not disabled enough to qualify for permenant disability.....too disabled to have anyone risk hiring him so his job prospects were almost nil. Not to mention the additional health problems later...... once the final papers were signed.....they magically re-opened under another name.


The boy who was driving the car when my sister was killed and severely injured and disabled 3 other young people, parents filed bankrupsey and divorced in order to not have to pay any money out for any further law suits beyond what insurance would cover. Once their final papers were signed, they re-married and all was wonderful except for the life long injuries the other kids suffered.

One of those loopholes where they never really pay for any wrong doing.