Bankruptcy plan includes sale of Crestland Coop

The bankrupt Crestland Co-op will be offered for sale, at four auctions scheduled in February and March. Paul Eckhoff is C-E-O of the farm cooperative. He says the original court timeline called for filing a plan by this week, and that plan includes liquidating assets of the old co-op. That begins a 20-day period in which other proposals can be offered to the court and creditors, and if nobody does that, the sales begin. There may just such an offer — a group of farmers and investors calling themselves N-G-C, the New Generation Cooperative group, wants to take over the old co-op.This 20-day time period allows NGC to put their plan in front of the bankruptcy court. N-G-C has proposed operating the southwest Iowa coop and allowing investors to become members even if they’re not also farmers.