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Kane Beef sale could close next week

Posted: 3:44 PM, Feb 08, 2019
Updated: 2019-02-08 18:23:52-05

A Houston-based company could become the new owner of Kane Beef .   According to online court documents, JDH Capital Company bid $28 million for Kane Beef .

Under the terms, JDH intends to acquire the operating assets of Kane Beef and invest $20 million of the bid amount to resume operations.  $1.5 million will go towards outstanding bills such as 2017 and 2018 property taxes to Nueces County.  $6.5 million will go to Agrifinance, Inc. for a 5-year term loan.

The majority of  Kane Beef ‘s 750 employees were furloughed last week after a deal to sell the plant fell through.  Many of them have been waiting to hear the details of the buyout to learn if they can go back to work at the plant.

The sale is expected to be finalized during a hearing on Monday afternoon in Houston.  Sam Kane has selected Rabo Agrifinance, LLC as a backup bidder should the sale with JDH fall through.