Sparrer Sausage Co. Inc., which filed for Chapter 11 bankruptcy protection in February, plans to sell its assets in a private transaction to Chicago-based Peer Foods Inc., according to documents filed in U.S. Bankruptcy Court.
Peer Foods will pay $645,000 for substantially all of Sparrer’s machinery and equipment in a sale scheduled for early October.
The sale wraps up a contentious summer for Sparrer and its sole owner, Brian Graves.
The company had a purchase agreement in place in mid-June to sell the company to Jay Link, but by the end of the month Link had called off the deal.
In July, Link filed a separate lawsuit against Sparrer and Graves alleging breach of contract, saying that the defendants had not acted in good faith under the provisions of the asset purchase agreement.
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