Bankrtupcy judge approves Yarnell's asset sale | Arkansas Blog

Wednesday, January 11, 2012

Bankrtupcy judge approves Yarnell's asset sale

Posted By on Wed, Jan 11, 2012 at 10:08 AM

Bankruptcy Judge James Mixon Monday approved the sale of assets of the bankrupt Yarnell's ice cream company in Searcy to Schulze and Birch Biscuit Co., a Chicago snack company that has said it hopes to restore ice cream manufacturing at the Searcy plant.

The sale of real and personal property, including intellectual property such as recipes and trademarks, was for $1.3 million. No objections remained when the judge approved the sale.

Here's the judge's order. It notes that most of the $1 million reaped on sale of personal property, after deduction for fees and taxes, will go to the Arkansas Development Finance Authority and the Arkansas Economic Development Commission, which had loaned, together, about $4 million to the firm.

Yarnell's went out of business without notice in June and filed for bankruptcy in August.

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