Minnesota farmers may need to file claim against bankrupt Iowa company
Global Processing Inc. is based in Kanawha, Iowa, and operating in Hope, Minnesota. The company filed for Chapter 11 bankruptcy on Oct. 24, 2022.
ST. PAUL, Minn. — An Iowa grain company that does business in Minnesota has gone bankrupt and the Minnesota Department of Agriculture is advising farmers that they may need to file a claim against the company.
Global Processing Inc. is based in Kanawha, Iowa, and operating in Hope, Minnesota. The company filed for Chapter 11 bankruptcy on Oct. 24.
Anyone who has not received payment for grain or who had grain stored with Global Processing Inc. is encouraged to submit a bond claim with the Minnesota Department of Agriculture.
The Hope facility, in accordance with state law, held a $50,000 bond with the state.
To submit a claim, farmers will need to:
- Complete a Grain Bond Proof of Claim Form . This can be found at mda.state.mn.us/grain .
- Include supporting evidence. This is including but not limited to scale tickets, purchase agreements, purchase receipts, non-sufficient funds checks, contracts, warehouse receipts and assembly sheets.
- Send in the form and supporting evidence by email to firstname.lastname@example.org or mail to:
Minnesota Department of AgricultureFruit, Vegetable & Grain Unit
625 North Robert St.
St. Paul, MN 55155
Farmers should submit a claim as soon as possible. The deadline for claims is April 24, 2023.
The ag department will review all claims to determine which claims are valid. In the case of multiple valid claims, a pro-rated share will be calculated and dispersed.