The Minnesota Department of Agriculture (MDA) is issuing an advisory to farmers who have conducted business with Global Processing Inc. based in Kanawha, IA and operating in Hope, MN. The company filed for Chapter 11 bankruptcy on October 24, 2022. 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 MDA.
The Hope facility, in accordance with the law, held a $50,000 bond with the MDA to help grain sellers and depositors mitigate any losses. To submit a claim, farmers will need to take the following steps:
Farmers should submit a claim as soon as possible. The deadline for claims is April 24, 2023.
The MDA will review all submitted claims, associated paperwork, internal documents, and records from inspector visits to determine which claims are valid. In the case of multiple valid claims, a pro-rated share will be calculated and dispersed.
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