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SENEA > SEC Filings for SENEA > Form 8-K on 14-Feb-2014All Recent SEC Filings

Show all filings for SENECA FOODS CORP



Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement

As previously disclosed, on December 16, 2013, Seneca Foods Corporation (the "Company") and Allens, Inc. ("Allens") entered into an Asset Purchase Agreement, as amended and modified with the parties' agreement pursuant to the Bid Procedures Order approved by the U.S. Bankruptcy Court for the Western District of Arkansas (the "Bankruptcy Court") on January 7, 2014 (the "Purchase Agreement"), pursuant to which the Company agreed to acquire substantially all of Allens' assets and certain liabilities, subject to receipt of higher or otherwise better bids at an auction under the provisions of Section 363 of the Bankruptcy Code (the "Auction"). The Auction was concluded on February 6, 2014 and the Company was not identified as the successful bidder for the Allens' assets. On February 12, 2014 the Bankruptcy Court approved an order authorizing the sale of substantially all of Allens' assets to a third party (the "Alternate Transaction") thus terminating the Purchase Agreement in accordance with its terms. Under the terms of the Purchase Agreement, the Company will receive a break-up fee and reimbursement of certain expenses upon the closing of the Alternate Transaction.

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