A business based in north central Iowa that has processed organic soybeans is filing for bankruptcy.
Two and a half weeks ago, the Iowa Department of Agriculture suspended the grain dealer and warehouse licenses for Global Processing, Inc., which is based in Kanawha. According to a news release, the business didn’t have “sufficient funds” to cover checks written to producers delivering food-grade organic soybeans. The Des Moines Register cites court documents indicating the company owes $10-$50 million to somewhere between 100 and 200 creditors.
State officials say anyone who sold soybeans to the business and hasn’t been paid may file a claim with the Iowa Grain Depositors and Sellers Indemnity Fund. The deadline for submitting those claims is February 21, 2023. The maximum payout is $300,000.
On October 12, the company surrendered its grain dealer licenses for facilities in Lexington and Haigler, Nebraska to Nebraska’s Public Service Commission. A fourth Global Processing site has operated in Monticello, Illinois.