Oberweis receives bid from Illinois businessman after filing for bankruptcy protection

NORTH AURORA, Ill. - Oberweis Dairy received a bid from an Illinois entrepreneur for the acquisition of the majority of its operating assets less than two weeks after its Chapter 11 reorganization filing.

Oberweis Dairy filed for Chapter 11 bankruptcy protection on April 12 with the Northern District of Illinois, according to court documents. 

The move is typically an attempt at reorganization and is an effort to help keep a business alive and pay creditors over time, according to U.S. Courts officials. 

The company reportedly owes at least $4 million to creditors. Oberweis also has between $10 million and $50 million in estimated assets and between $10 million and $50 million in estimated liabilities, documents say.

On Tuesday, a "stalking horse" bid for acquiring most of its operating assets was presented to Oberweis, adhering to section 363 of the bankruptcy code and pending court endorsement. This bid came from Brian Boomsma, a local businessman and Illinois-based entrepreneur.

Brian intends to oversee and expand Oberweis's operations.

"We are thrilled to have a business leader like Brian Boomsma interested in investing in Oberweis and enabling the company to continue to move forward and prosper. We continue to be grateful to our loyal customers, vendors, and committed employees who have supported us through this process," said Kraber.

The company anticipates finalizing the reorganization and sale procedures, transitioning to new ownership by late June.