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Published June 19, 2012, 07:25 PM

ND Co-op Elevator Members to Vote on Liquidation

HAZEN, N.D. (AP) — Members of the Falkirk Farmers Elevator are to vote Monday on whether to sell off assets to pay off millions of dollars of debt.

By: Associated Press,

HAZEN, N.D. (AP) — Members of the Falkirk Farmers Elevator are to vote Monday on whether to sell off assets to pay off millions of dollars of debt.

The Bismarck Tribune reports that the Washburn-based cooperative elevator with facilities in Falkirk and Hazen is trying to cover $6 million in bank loans and operating debt and also owes $3.4 million to farmers who prepaid for seed and fertilizer they never received.

Interim elevator manager Art Perdue says the balance sheet in April showed a "totally insolvent" elevator.

Perdue tells Agweek that the Buxton-based Central Valley Bean Cooperative has offered to buy the Falkirk facility.

The Falkirk Farmers Elevator board had scheduled a liquidation sale for June 30, but a judge stopped it pending the members' right to vote on the matter.


Copyright 2012 The Associated Press.

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