Posted: Monday, May 07, 2012 9:00 AM
By DAN WHEAT
YAKIMA, Wash. -- A U.S. bankruptcy court judge was scheduled to consider final bids today for purchase of the bankrupt Snokist Growers of Yakima.
Truitt Brothers Inc. of Salem, Ore., is out of the game, Peter Truitt, president, said this morning.
"We were ultimately unsuccessful in getting our financing. We're no longer a qualified bidder," he said.
That leaves Del Monte Foods of San Francisco as the apparent main bidder with other companies bidding for parts of Snokist assets including vehicles and fruit bins.
Truitt Brothers, a fruit and vegetable processor, initially bid $42.25 million for Snokist in March. Judge Frank Kurtz extended the bidding process after listening to arguments and testimony of competing bids from Truitt and Del Monte.
Snokist, a grower-owned cooperative that processes apples and pears in Yakima, filed for Chapter 11 bankruptcy reorganization Dec. 7, blaming delayed clearance of food safety concerns by the Food and Drug Administration and a new lender's reluctance to cover losses.