Bidder files letter of intent for Believer Meats' US cultivated meat plant

· Agriculture & Food · United States

A receiver handling Believer Meats' US cultivated meat facility has received a letter of intent from an unnamed bidder, and a draft asset purchase agreement from key creditor Gray Construction. Gray sued last year, saying it was owed $36.4 million for design and construction work at the site. The developments signal that the plant, a flagship asset for the cultivated meat sector, could change hands through the insolvency process rather than sit idle. The identity of the bidder and the terms of either proposal were not disclosed.

Why it matters：The disposal of a flagship cultivated meat plant will be read as a test of whether the sector's capital-intensive production model can survive a funding downturn.

Key points

  • The bidder has not been named and no price was disclosed.
  • Gray Construction is both a creditor and a prospective buyer under the draft agreement.
  • The facility is a US site for cultivated, lab-grown meat production.

Sources (original reporting)

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