Back Staff Locations Careers. These bankruptcies are not specific to one area, as they have been filed in states across the U. Oberst notes the wave of farm bankruptcy locally and nationally will continue to affect the entire agricultural industry in the years to come. Join Our Mailing List. In many of these bankruptcies, the debtors must have felt as though this was the end. Grain operation near Robersonville, N. District Court for the Western District of Michigan. When Boersen purchased the rights to farm that land, commodity prices were nearly double what they are today, leaving Boersen in a poor position to pay its bills, according to industry experts. MWC is continuing to serve as financial advisor to EBF during this process and is responsible for assisting in the completion of the transaction with Superior Fruit and handling many of the financial reporting and administration duties required to file and implement a final Chapter 11 liquidating plan. Oberst noted he was speaking about the softening farm economy in general, and not specifically about the Boersen case.
Video: Partner boersen farms Boersen Farms grain elevator rescue scene
Our farm manager, Weston Wiler, has been involved in the operation since inception in early We have approximately 25 employees that work out of this. Boersen Farms - A passion for agriculture and a long term commitment to the land and the community – Zeeland, Michigan. The lawsuit claims that Zeeland-based Boersen Farms owes.
Ron Vander Veen, a partner with Cunningham Dalman PC, based in Holland.
Farmers, experiencing this have little in common when it comes to what they grew — there were major bankruptcies of growers of blueberries, strawberries, Concord grapes, Vidalia onions, dairy, sweet potatoes and grain.
Perhaps the most notable story in agricultural distress this year was the case of Boersen Farms in Michigan.
Boersen Farms’ impending bankruptcy could shake West Michigan’s ag industry
Contact Us Privacy Terms of Service. These bankruptcies are not specific to one area, as they have been filed in states across the U. Now the farming operation, which harvests crops across roughly 83, 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. More in this category: History of Institutional Farmland Investing.
CHS Capital, LLC v. Boersen Farms AG, LLC et al Justia Dockets & Filings
Partner boersen farms
|One supplier speaking on the condition of anonymity struck a blunt tone in describing the implications the Boersen case could have for West Michigan suppliers.
Want a free market analysis of your situation? In this case, the farming operation was in a position in which the owners needed to declare Chapter 11 bankruptcy to reorganize.
Video: Partner boersen farms Farming giant sued for $150M in unpaid bills
However, that is not always the case. However, as previously mentioned, it is not one geographic location — or a single crop — experiencing this, but the industry as a whole.
In an era of higher profits, farmers took the opportunity to access credit and rapidly scaled up their operations while times were good, Oberst said.
Ceres Partners LLC Investment Manager Focused Exclusively on Food and Agriculture
Boersen Farms, Inc. et al (cv), Michigan Western District SUMMONS returned executed; Boersen AG Partners, LLC served on. ANSWER to complaint1 by Arlan Boersen, Dennis Boersen, Sandra Boersen, Boersen AG Partners, LLC, Boersen Farms AG, LLC, Boersen.
This would not have been possible had they not filed bankruptcy, as they were able to continue operations as a debtor-in-possession. More in this category: Another reason I have seen farming operations file is due to pending litigation, such as in the Spiech Farms case in Michigan in which there was a dispute with a creditor over a payment that could threaten the viability of operations.
This is a very complicated process, and often people can find themselves feeling lost, not knowing who to call, whether they should file Chapter 7, 11, or 12 bankruptcy or what needs to be done in terms of working with creditors. A representative from CHS acknowledged a request for an interview but declined to comment on the case.
For farmers, this is all too common a feeling right now as they face the headwinds of low commodity prices, increasing interest rates, rising labor costs, potential issues with water, and potential macro issues such as international trade.