News in brief

In Sager Creek case, judge OKs $12M deal

On Wednesday, the judge overseeing the Allens Inc. bankruptcy approved a settlement made last year between the initial buyer of the defunct vegetable company and some of its largest produce suppliers.

In August, Judge Ben Barry ordered Sager Creek Vegetable Co., to submit the $12 million settlement deal it made with three of Allens' fresh-vegetable providers in March 2015. Ray Fulmer, the Chapter 7 trustee for bankrupt Allens, had asked the court to compel Sager Creek to submit the settlement for the court's approval while attorneys for Sager Creek contended the deal did not require the judge's OK.

In his order, Barry wrote the settlement appeared to be in the best interest of the Siloam Springs-based Allens and Allens' creditors.

Sager Creek Vegetable Co. bought Allens at auction in February 2014 for $123.8 million. California's Del Monte Foods now owns Sager Creek, purchasing the company in March 2015 for $75 million.

-- John Magsam

LR drone operator receives FAA waiver

ArkUAV, a Little Rock drone operator, has received an exemption from the Federal Aviation Administration to use unmanned aerial vehicles commercially, ArkUAV's chief executive officer, Brad Fausett, said Wednesday.

Fausett said the company applied for the exemption in July and received the positive response last week.

The FAA has been working to develop regulations for commercial drone use. Businesses that use drones, such as for news gathering or crop monitoring, must have FAA approval.

"We can start using it now for commercial use -- the moment we got the email we started," he said, adding that drones are well suited to be used in Arkansas' agriculture industry.

-- Jessica Seaman

16 issues dip, taking index down by 4.90

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 4.90 to 328.00 Wednesday.

Sixteen stocks declined and two advanced.

Bear State Financial lost 9.8 percent in light trading.

Murphy Oil dropped 7.3 percent on low volume.

America's Car-Mart fell 5.2 percent on low volume.

Tyson Foods gained 1.1 percent in slow trading.

Total volume for the index was 17.4 million shares.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 03/24/2016

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