PARIS – Spanghero, a French meat processor linked to Europe's horse-meat-labeled-as-beef scandal, will likely shut down permanently if the owners cannot find a buyer soon, according to local news reports.

French authorities in February accused the company of knowingly mislabeling horse meat as beef and selling it to large distributors in frozen meals. The company denied the allegations. The company now is bankrupt and has until June 5 to find a buyer, according to news reports. The 240 workers at the company stand to lose their jobs if a buyer does not come forward.