It’s a $38-million payday for Texans

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Kane Beef must repay nearly $38 million to Texas livestock sellers as part of an agreement with the U.S. government to comply with the Packers and Stockyards Act, U.S. Attorney Ryan K. Patrick announced Wednesday.

The agreement came after a federal court hearing in the company’s home base of Corpus Christi, on the Gulf of Mexico.

The agreement requires Kane to follow federal law and pay for livestock purchases by the next business day.

The company agreed to pay the $38 million over an 18-month period.

Kane has had some other financial challenges. It’s in the midst of paying $2.38 million it owes Corpus Christi for delinquent water bills and another $400,000 it owes in unpaid property taxes.