Easterday gets approval of Blue Tag as stalking horse for equipment

By Sarah Lizee

Olympia, Wash., Sept. 9 – Easterday Ranches, Inc. and Easterday Farms received court approval to designate Blue Tag Farms, LLC as stalking horse bidder for substantially all of its farm equipment and related personal property, according to a minute entry filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Washington.

The purchase price under the stalking horse agreement is $14.02 million in cash, subject to adjustment for any missing equipment.

Bid protections include a breakup fee of $250,000, or 1.8% of the purchase price.

Competing bids are due on Sept. 10, an auction is scheduled for Sept. 14, and a sale hearing is set for Sept. 22.

Easterday Ranches is a Pasco, Wash.-based cattle operator. The company filed bankruptcy on Feb. 1, 2021 under Chapter 11 case number 21-00141.

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