Quantum Foods cancels auction; stalking horse sole bid at $55 million

By Kali Hays

New York, April 16 - Quantum Foods, LLC's April 17 auction for the sale of its assets has been cancelled as it has received no other qualified bids beyond that of its stalking horse bidder Raging Bull Acquisition, LLC, according to a Wednesday notice filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Raging Bull was the confirmed stalking horse bidder in March with an offer of $55 million for the company's assets.

Competing bids were due April 16 and were required to be made in increments of $100,000.

General Electric Capital Corp. did submit a bid for the equipment leased by the Quantum, but it was exempt from the bidding procedures allowing for acceptance of any bid it submitted.

The sale hearing is scheduled for April 21.

Quantum Foods, an Illinois-based provider of cooked beef, poultry and pork for school, military and retail outlets, filed for bankruptcy Feb. 18 under the Chapter 11 case number 14-10318.

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