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The west suburban company filed court documents with the Northern District of Illinois for Chapter 11 bankruptcy protection on April 12.
Tuesday, Oberweis announced it had received a stalking horse bid to "purchase substantially all of the operating assets of the company" from Illinois businessman Brian Boomsma. In a statement, they said Boomsma plans to continue to operate the company and grow the business.
The sale must be approved in court, and the company said their reorganization process and sale is expected to be finalized in late June.
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Oberweis Dairy owes at least $4 million in combined unsecured claims to their top 20 creditors, the documents show. The company could also owe more money to additional creditors that are not in the top 20.
Among the creditors the company owes money to is the Cook County Treasurer, to which Oberweis owes just over $173,000, documents show.
The owners of Oberweis Dairy are related to Illinois Republican politician Jim Oberweis.