Northwood oilseed business gets second chanceBISMARCK, N.D. — An oilseed business that went broke last year and left $800,000 in unpaid bills is getting a second chance.
BISMARCK, N.D. — An oilseed business that went broke last year and left $800,000 in unpaid bills is getting a second chance.
North Dakota Oilseed Mills LLC will have to put up a $100,000 bond to resume buying canola and crushing the seed into oil. Normal bond coverage is $50,000.
The company will also have to pay cash for oilseeds it buys from suppliers.
North Dakota’s Public Service Commission on Wednesday granted the company a new license. Company partner Paul Sproule (SPROOL) says the oilseed business is good right now and he’s eager to get started.
The canola crushing plant in Northwood will employ about 25 people.
Sproule says the company went bust last year because it wasn’t paid for a large sale of canola oil.