(Bloomberg) — A U.S. bankruptcy judge protected a much-needed cash infusion for Easterday Ranches Inc., helping ensure that its 54,000 cattle will continue to eat.
The cattle farm in Washington state filed for Chapter 11 bankruptcy on Monday after its only customer, Tyson Fresh Meats Inc., sued for more than $200 million, claiming it was being billed for the upkeep of bovines that don’t exist, court papers show. Tyson slashed payments to the ranch, and Easterday quickly ran low on cash, threatening its ability to feed the animals.
The business projects it will run out of cattle feed on Thursday, according to court papers. But Tyson has agreed to
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