Levelland peanut plant sells for $2.69 million in auctions

The Clint Williams Peanut Co. in Levelland sold for $2.695 million in an auction this week.

It was purchased by the Severn Peanut Co., which is based out of Severn, N.C.

The auction, which took place Monday in Okmulgee, Okla., included the Texoma Peanut Company, Clint-Co. Peanut Company and Clint Williams.

The corporation and all of  its affiliates were sold for $13,286,730 during the public auction.

It filed for bankruptcy last month.

The corporation sought bankruptcy protection after its gross profits fell from $12.237 million in 2012 to a gross loss of $4.423 million last year. The loss was mainly driven by losses associated with operating the debtors’ Mississippi buying point locations, according to documents.

The loss caused TPC to default on its commercial loan obligations with several banks.

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