Members of the Falkirk Farmers Elevator are to vote Monday on whether to sell off assets to pay off millions of dollars of debt.
HAZEN, N.D. (AP) - Members of the Falkirk Farmers Elevator are to vote Monday on whether to sell off assets to pay off millions of dollars of debt.
The Washburn-based cooperative elevator with facilities in Falkirk and Hazen is trying to cover $6 million in bank loans and operating debt and also owes $3.4 million to farmers who prepaid for seed and fertilizer they never received.
Interim elevator manager Art Perdue says the balance sheet in April showed a "totally insolvent" elevator.
Perdue said the Buxton-based Central Valley Bean Cooperative has offered to buy the Falkirk facility.
The Falkirk Farmers Elevator board had scheduled a liquidation sale for June 30, but a judge stopped it pending the members' right to vote on the matter.