Easterday gets $188 million stalking horse bid for Washington assets

By Sarah Lizee

Olympia, Wash., May 20 – Easterday Ranches, Inc. and Easterday Farms are seeking court approval to designate Farmland Reserve, Inc. as stalking horse bidder for their assets, according to a supplemental motion filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Washington.

The stalking horse agreement includes a purchase price of about $188 million, plus the assumption of certain liabilities. It also includes a 2.5% breakup fee and an up to $1.5 million expense reimbursement.

A hearing on approval of the stalking horse bidder is scheduled for May 27.

As previously reported, the company secured court approval of the bid procedures for the sale of the assets, which include farm properties consisting of about 81 parcels, all located in Benton County, Wash. All of the properties, including third-party ownership interests in the properties, are being marketed to be sold together, along with related farm equipment and other personal property.

Under the bid procedures, bids are due by 7 p.m. ET on May 31, an auction, if needed, will be held on June 14, and a sale hearing will be held on July 14.

Easterday Ranches is a Pasco, Wash.-based cattle operator. The company filed bankruptcy on Feb. 1 under Chapter 11 case number 21-00141.

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