Harim Corporation, a top South Korean food company, has decided to bid for Allen Family Foods, Inc. Allen Family Foods filed for Chapter 11 in U.S. Bankruptcy Court in Wilmington, Delaware on June 9. Harim Corporation, based in Iksan, south of Seoul, is seeking to expand its global market presence.
Allen Family Foods had previously entered into an asset purchase agreement with an affiliate of Mountaire Farms of Delaware. That purchase agreement is subject to a court-supervised auction process to ensure the highest and best possible price is achieved. Competing bids were solicited over a 30 to 45 day period, and the auction is scheduled to be held on Monday, July 25.
