Kane Beef, a Corpus Christi beef plant that processes 270,000 cattle annually from 30 Texas feedlots, is now under court-ordered receivership. Burdened with massive debt, the plant is now under the control of former bankruptcy judge Richard S. Schmidt. According to court documents released Monday, the U.S. District Court for the Southern District of Texas handed Schmidt control of Kane’s finances and all of its property and assets, including the plant that has been in business for more than 60 years. Schmidt stressed the difference between receivership and bankruptcy, which will allow time to cut costs, retain employees, maintain operations and go to market for a suitable buyer or investor. –Drovers CattleNetwork Read more…