More federal financial judgements against a Michigan corn production big shot – is sending shock waves through the industry today: How will this affect the U.P. dinner tables?
How one company can effect all of Michigan
By Greg Peterson
U.P. Breaking News
Owner, News Director
906-273-2433
This is the latest judgement – released today – against a bankrupt Michigan grain powerhouse that industry experts say is sending shock waves through the market.
Its owes Minnesota and Utah-based partnerships for over $150 million in loans – and other financial issues.
Saddled with this huge debt, Boersen is one of the biggest grain outfits in Michigan and Midwest. Industry experts have been quoted as saying the debt will have a large impact on the grain market and ultimately your table.
U.P. Breaking News would like to hear from U.P. grain, corn, soybean experts on how this will effect every table in the U.P. – experts statewide have already said it will be devastating.
U.P. Breaking News Exclusive:
Just filed – Another huge judgment against Boersen Farms – a Michigan corn/soybean/grain powerhouse involving TFG-Michigan, a Utah Limited Partnership:
Zeeland, Michigan-based Boersen Farms Inc judgement (2)
Zeeland, Michigan-based Boersen Farms Inc judgement (1)
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Reports on other debts faced by Boersen Farms in Zeeland, Michigan
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Michigan Live:
Zeeland-based farm operation sued over $145M loan, hopes to recover
Updated Aug 31, 2017; Posted Aug 31, 2017
By John Agar
jagar@mlive.com
ZEELAND, MI – A family farming operation hopes to stay in business despite a lawsuit alleging it defaulted on $145 million in loans.
Boersen Farms and other related limited liability companies and individuals are being sued by CHS Capital, a Minnesota-based lender.
CHS wants to take possession of $50 million in corn and soybeans, including crops that have yet to be harvested. CHS says Boersen Farms failed to comply with forbearance agreements.
In fact, even before this revelation AgFax ran a story entitled: “Boersen Farms: How Not to Handle Your Debt”
http://www.mlive.com/news/grand-rapids/index.ssf/2017/08/zeeland-based_farm_operation_s.html
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MIBiz:
Boersen Farms’ impending bankruptcy could shake West Michigan’s ag industry
Written by John Wiegand
ZEELAND — When a lawsuit surfaced showing one of West Michigan’s largest corporate farmers was facing insolvency, the news sent shockwaves through the state’s agricultural industry.
The lawsuit claims that Zeeland-based Boersen Farms owes Minnesota-based CHS Capital LLC more than $145 million for unpaid debts, along with an array of other allegations that included fraud, according to documents filed in August with the U.S. District Court for the Western District of Michigan.
Now the farming operation, which harvests crops across roughly 83,000 acres in Michigan, Ohio and Indiana, is in receivership and gearing up to file for Chapter 11 bankruptcy protection, according to federal court filings in the last two weeks.
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AgFax:
Boersen Farms: How Not to Handle Your Debt
By Todd Neeley, DTN Staff Reporter September 26, 2017
Zeeland, Michigan,-based Boersen Farms is set to either restructure its debt or file for bankruptcy, according to a motion filed in the U.S. District Court for the Western District of Michigan this week.
Boersen Farms had asked a federal court to place its operation in the hands of a receivership, in response to a lawsuit alleging the farm defaulted on about $145.3 million in loans from CHS Capital LLC in August.
On Friday, the district court denied the farm’s motion to reconsider that action. In the farm’s motion for reconsideration, it indicates it is preparing for either restructuring the debt or filing bankruptcy.
http://agfax.com/2017/09/26/boersen-farms-how-not-to-handle-your-debt-dtn/
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Corn Slump Hurts Farm Giant
Michigan Farming Giant Sued for Defaulting on $145M Loan
8/31/2017 | 2:44 PM CDT
By Todd Neeley/DTN Staff Reporter
Upper Peninsula Breaking News by Greg Peterson 