Portsmouth grain company closes its doors

Ag/Outdoor, News

January 3rd, 2013 by Ric Hanson

A granary in Portsmouth has closed its doors and filed for bankruptcy. G & R Grain Company Incorporated, filed for Chapter 7 bankruptcy on January 1st, in the Southern District Court of Iowa. Farmers found out about the move when they attempted to sell or pick up their grain. A simple sign on the door indicated the company’s actions.

The notice said “This property and all of the assets of the company are under the jurisdiction of the United States Bankruptcy Court for the Southern District of Iowa. It is anticipated that Deborah L. Petersen will be appointed as Trustee.” It also provided a telephone number for concerned persons to call.

Petersen said affected farmers would need to file a claim on the bankruptcy for money owed them, with their own attorney. Details on the disposition of the stored grain will be released sometime next week. Petersen said the next steps are to liquidate the assets and collect the accounts receivable.

She said also, a partial distribution of the funds and assets could come by this summer as long as things go well with the courts and selling the assets. The last date to file a claim is May 20th, 2013. The meeting on the matter will take place February 19th, 2013 in Council Bluffs.

More information on the G & R Grain Company Inc. bankruptcy case can be obtained by calling Deborah Petersen at 712-328-8808, or the U-S District Court’s Case Information system, at 1-866-222-8029. The case number, is 13-00001.

(Joel McCall/KNOD)