Kansas City, Mo. ? Farmland Industries Inc. can hire an investment banker to handle any sale of the bankrupt agricultural cooperative’s meat business, a judge ruled Tuesday.

Laurence Frazen, an attorney for Farmland, told Judge Jerry Venters on Tuesday that the cooperative wanted to hire Goldsmith, Agio, Helms & Lynner to “explore, market and potentially sell all or a portion of those (beef and pork) assets.”

Farmland, the nation’s largest farmer-owned cooperative, filed for Chapter 11 bankruptcy protection May 31. The Kansas City-based company has said its meat business will be the most important component in its plan to repay creditors.

Farmland wants to analyze two options: selling all of its beef and pork businesses or reorganizing part of its meat business into a separate company that would repay creditors over time. Combined, Farmland’s beef and pork businesses are the fifth-largest meat company in the United States in terms of revenues.

Venters also heard Tuesday from some people who would be affected by Farmland’s request to scale back some benefits. The judge did not rule on the benefits-related motions. He is scheduled to hear more about them at a Feb. 11 hearing.

Farmland wants to reclassify almost $17 million in deferred compensation and retirement adjustments owed to 138 current and former professional level employees, and to cancel life insurance policies for about 2,200 retirees of various levels.