According to local news reports by KRIS6 TV, a Corpus Christi, TX, NBC affiliate, Kane Beef has been placed in receivership. Receivership differs from bankruptcy in that it puts a legally appointed receiver in control of a business’ affairs. It gives the business the opportunity to restructure and prevent liquidation.
In the case of Kane Beef, the company owes millions to area ranchers for cattle and to the city for unpaid water bills. U.S. District Court for the Southern District of Texas appointed Richard Schmidt, a former federal bankruptcy judge, as receiver for Kane Beef.
