UPSIDE Foods Bids $50M for Believer Meats’ Shuttered North Carolina Plant

UPSIDE Foods has filed a $50 million stalking horse bid for the US production assets of Believer Meats, the cultivated meat company that ceased operations in December, according to court filings reported by AgFunderNews. The bid targets Believer Meats’ production facility in Wilson, North Carolina, along with its bioreactors, processing equipment, and select intangible assets including permits and licenses.

A floor price for a court-supervised sale

A stalking horse bid sets the baseline price in a bankruptcy asset sale, designed to attract higher offers while guaranteeing a minimum return if none materialize. The North Carolina Business Court approved UPSIDE Foods’ asset purchase agreement as that baseline on June 2, while BDO Consulting Group continues marketing the assets to other prospective buyers. Competing bidders have until July 20 to come forward, with any qualifying offer required to exceed $52.25 million once breakup fees and expenses are included. Should a higher bid emerge, an auction is set for July 28, followed by a sale hearing on July 30.

UPSIDE Foods Bids $50M for Believer Meats’ Shuttered North Carolina Plant — © BELIEVER Meats

What the deal covers

The package excludes equipment leased through CSC Leasing and Roberts Oxygen Company, along with intellectual property held by Future Meat Technologies Ltd, the Israeli entity behind Believer Meats prior to its 2022 rebrand. The IP question is already being handled separately: Believer Meats’ Israeli trustee opened discussions with potential buyers for the company’s underlying technology and IP portfolio last week, a process run independently of the North Carolina receivership.

A court filing from receiver Kevin Sink notes that the Israeli entity’s pleadings imply ownership of certain assets at the North Carolina site without specifying what that covers, but states that the receiver does not believe Future Meat Technologies Ltd owns any assets located at the facility itself.

Background

Believer Meats was placed into general receivership in February. The Wilson facility, which received completed USDA and FDA sign-off earlier in its build-out, drew more than $150 million in construction and equipment investment, according to a marketing teaser issued by BDO. Separately, contractor Gray Construction has alleged in litigation that it is owed $36.4 million for design and construction work on the site, a claim that follows earlier reporting putting the disputed sum at roughly $34 million.

UPSIDE Foods told AgFunderNews: “We’ve made significant strides in scaling our cultivated meat production over the past several years. This North Carolina facility would accelerate the expansion of our production capacity and help us meet growing demand for UPSIDE chicken much sooner.”

Most read in the last 7 days

{“title”:””,”limit”:”5″,”offset”:0,”range”:”last7days”,”time_quantity”:24,”time_unit”:”hour”,”freshness”:false,”order_by”:”views”,”post_type”:”post”,”pid”:””,”exclude”:””,”cat”:””,”taxonomy”:”category”,”term_id”:””,”author”:””,”shorten_title”:{“active”:false,”length”:0,”words”:false},”post-excerpt”:{“active”:false,”length”:0,”keep_format”:false,”words”:false},”thumbnail”:{“active”:false,”build”:”manual”,”width”:0,”height”:0},”rating”:false,”stats_tag”:{“comment_count”:false,”views”:false,”author”:false,”date”:{“active”:false,”format”:”F j, Y”},”category”:false,”taxonomy”:{“active”:false,”name”:”category”}},”markup”:{“custom_html”:true,”wpp-start”:”

“,”wpp-end”:”

“,”title-start”:”

“,”title-end”:”

“,”post-html”:”

{thumb} {title} {stats}

{excerpt}

“},”theme”:{“name”:””}}

A floor price for a court-supervised sale

What the deal covers

Background

相关文章

Two Proteins with Opposing Functions Found to Support Healthy Skin Maintenance

Iron Accumulation Drives Neurodegeneration via Chronic Stress Pathway

Shilpa Commissions Integrated ADC Drug Substance GMP Manufacturing Facility

热门文章

1美邦股份历经三次跃升，登记证件数量高居全国第二

2辣椒的营养成分和食用方法

3玉米须的功效与作用

4红薯的营养价值和吃红薯的好处 红薯的功效与作

5绿豆汤的功效与作用有哪些?

发表回复 取消回复

4红薯的营养价值和吃红薯的好处红薯的功效与作

发表回复取消回复