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Article: Sale saves Shullsburg Creamery; Officials say jobs will stay in town, but the deal could cost a local bank plenty
- Article from:
- Telegraph - Herald (Dubuque)
- Article date:
- February 28, 2006
- Author:
CopyrightCopyright 2006 Telegraph - Herald (Dubuque). Provided by ProQuest LLC. (Hide copyright information)
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SHULLSBURG, Wis. - It appears the sale of Shullsburg's financially
faltering creamery would save most of the jobs, but it could cost the
company's lead lender - American Trust & Savings Bank - millions of
dollars.
On Monday, a court confirmed the sale of Shullsburg Creamery Inc.
and many of its affiliated assets to Rockford, Ill.-based Mid-West
Dairymen Co. The court action followed the dairy cooperative's
winning bid during an auction Friday in Madison.
Shullsburg Mayor Lance McNaughton and other officials close to the
liquidation process said Mid-West Dairymen Co. paid approximately
$4.1 million for the cut-and-wrap operation and its accounts
receivable, the Shullsburg cheese brand, a ...