NORPAC Foods, Inc.
Bankruptcy Case Summary

United States Bankruptcy Court for the District of Oregon
Case Number 19-62584
Assigned to United States Bankruptcy Judge Peter McKittrick
Chapter 11 Case Filed August 22, 2019

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Chapter 11 Bankruptcy Case Summary

The following details of the company history, the reasons behind the bankruptcy filing, and the company's plans for restructuring its finances and operations by filing for Chapter 11 bankruptcy protection are drawn from the "first day" declaration of a company executive filed with the bankruptcy court.

Key facts and assertions culled from the company's initial bankruptcy court filings:

Founded in 1924 and headquartered in Salem, Oregon, the company claims to be the largest processor of frozen vegetables and fruits in the Pacific Northwest
NORPAC is a cooperative owned by over 140 members
NORPAC owns and operates raw processing plants in Brooks, Oregon, and Stayton, Oregon, a packaging plant in Salem, Oregon, and a raw processing, packaging, and roasting facility in Quincy, Washington
NORPAC also has a harvesting operation in Hermiston, Oregon
NORPAC's sales have exceeded $310 million in each of the last three fiscal years
NORPAC employs more than 1,125 full-time employees and over 1,100 seasonal employees during the harvest and processing season
NORPAC is the largest unionized agricultural employer in Oregon
NORPAC has contracts with Teamsters Local 324, Teamsters Local 670, Teamsters Local 760, and the International Union of Operating Engineers Local 701
NORPAC sponsors a single-employer defined benefit plan and participates in three multi-employer pension plans
Outside consultants have estimated the withdrawal liabilities for the three multi-employer pension plans to total more than $5 million
The consultants estimate that the deficit of the single-employer defined benefit plan could exceed $20 million
NORPAC has entered into an Asset Purchase Agreement with Oregon Potato Company
Pursuant to the APA, NORPAC agreed to sell substantially all of its assets, with the exception of the processing plant in Stayton, the investment in CoBank, certain life insurance policies, and other nominal assets
The purchase price is $149,500,000, plus the value of accounts receivable, plus an adjustment for an increase in the value of inventory, less the amount due to growers at the closing of the 2019 crop
OPC will assume and pay all amounts due to growers for the 2019 crop
NORPAC says that it believes the sale will generate funds sufficient to pay all secured and priority claims and leave sufficient funds for a meaningful distribution to unsecured creditors

NORPAC Foods, Inc. Bankruptcy Case Summary