The majority of the assets owned by bankrupt poultry company Cooks Venture have been purchased by Bel’s Poultry, an affiliate of Pitman Family Farms.
The offer was valued at $7.1 million and was approved by U.S. Bankruptcy Court Judge Karen Owens in the District of Delaware, according to a report from Arkansas Business.
Founded in 2019, Cooks Venture specialized in the production and processing of pasture-raised, slow-growth chickens. It operated plants in the Oklahoma towns of Jay and Tahlequah, but also had operations in Arkansas.
However, in December 2023, Cooks Venture employees were notified via a letter that the company was “unable to find a solution to the company’s financial difficulties and are left with no choice but to shut down the company and its facilities.”
Cooks Venture would go on to file for Chapter 7 bankruptcy on April 19. A chapter 7 bankruptcy does not involve the filing of a plan of repayment, but rather, the bankruptcy trustee gathers and sells the debtor’s non-exempt assets and uses the proceeds of such assets to pay holders of creditors in accordance with the provisions of the bankruptcy code.
Pitman Family Farms and Bel’s Poultry are both headquartered in Sanger, California. Pitman’s key broiler brand is Mary’s Chickens. Pitman Family Farms expanded its operations in 2018 with the acquisition of Utah-based turkey producer Norbest.
