• Continued on-going concerns and preserved over 150 jobs
  • New case law established
  • Managed the sale process
Express Grain Terminal was a $165MM family-owned grain elevator and crushing operator trading in corn and soybeans and bean by products that filed for Chapter 11 bankruptcy protection after the secured lender moved to dismiss management and appoint a receiver. CR3 Partners was engaged as CRO to guide the company through a series of bankruptcy proceeds and to implement complex trading formulas. The company successfully sold its hard assets and a settlement was reached among claimants to distribute $58.9MM in net proceeds from the sale of grain and grain products.
 

The Situation

  • $165MM family-owned grain elevator and crushing operator trading in corn and soybeans and bean by products with 160 employees
  • Company submitted out-of-compliance borrow base certificate to its secured lender, raising questions regarding viability of business
  • After investigation, secured lender moved to dismiss management and appoint receiver, however company countered by filing Chapter 11 bankruptcy protection
  • Company’s farmers and farmer production lenders filed for procedural relief under bankruptcy code

The Work

  • Engaged as CRO and to guide company through series of bankruptcy proceedings
  • Stabilized production process and improved efficiencies to maximize recovery of grain inventory and to position assets for sale
  • Designed and implemented complex tracking formula to track amount and value of prepetition grain converted and sold to satisfy creditor claims
  • Developed marketing campaign and managed sale process

The Results

  • Company’s hard assets were sold in §§ 363 sale
  • Two new operators continued production preserving over 150 jobs in economically challenged region
  • Settlement was reached among claimants to distribute $58.9MM in net proceeds from sale of grain and grain products
  • Procedural elements and solutions resulted in new case law being established 

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