FRESNO, Calif. (AP) - A California family-owned turkey plant that recently filed for bankruptcy will remain in the hands of the Zacky family under the terms of a $31.6 million sale.
The proposed sale of the Fresno-based Zacky Farms was announced by the company in a statement on Monday. The Robert T. and Lillian D. Zacky Trust submitted the highest bid for the company last week at a bankruptcy auction in San Francisco.
Zacky Farms, one of nation's largest turkey producers, has about 1,000 employees who will keep their jobs.
The trust has provided the financing to keep the company running since filing for bankruptcy in October.
The company blamed soaring feed prices for its bankruptcy filing.
A U.S. District Bankruptcy Court judge must still approve the sale to the trust. A hearing is set in Sacramento on Monday.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.