Prime Tanning buyer emerges
A Kentucky cattle hide processor could be the new owner of Hartland-based Prime Tanning, which filed for bankruptcy last November.
Tasman Industries Inc., which says it's the world's largest hide processor, has placed a $6.5 million bid to buy the company and could close the deal by the end of this week, according to the Morning Sentinel. The company has more than 300 employees at its facilities in a handful of states as well as in Mexico, China and Taiwan. A Tasman spokesman told the paper the company plans to keep the Hartland tannery running and employees working.
Prime Tanning, which has about 180 employees, has remained in operation as it works to develop a reorganization plan. The company named dozens of creditors with total liabilities of up to $10 million. Tasman Industries is what's known as a stalking-horse bidder, an interested buyer chosen by a bankrupt company to make an initial bid. Once the stalking horse has made its bid, other potential buyers can submit competing bids. The method prevents low bids on a bankrupt company's assets.
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