According to press reports, the assets of bankrupt Cooks Venture, comprising a processing plant, feed mill and hatchery were purchased by a subsidiary of Pitman Family Farms for $7.1 million. The transaction was approved by the U.S. Bankruptcy Court in the district of Delaware.
The enterprise was established in 2019 to produce slow-growing broilers marketed directly to consumers through delivery services. Information on the Company can be retrieved by entering ‘Cooks Venture’ in the SEARCH tab.
Pitman Family Farms has extended its geographic reach from California to incorporate Norbest, a producer of turkeys in Utah, and now will operate on the border between northeast Oklahoma and northwest Arkansas. Pitman Family Farms is anticipated to apply accepted methods of production using contractors and will market through conventional channels.
Hopefully, creditors will be made whole and contract growers will once more be restored to production but supporting a more substantial business model.