Natural Prairie Poultry filed for Bankruptcy 11 chapter within the Minnesota Chapter Courtroom on September 20.
The corporate, headquartered in Charles Town, Iowa, has been in trade since 2021, when it bought a shuttered poultry plant that used to be up to now operated via Merely Necessities ahead of it closed it in 2019.
Consistent with a record from KIMT, the courtroom submitting published that Natural Prairie Poultry owed loads of borrowers between $100 million and $500 million, whilst handiest having between $50 million and $100 million in belongings.
The corporate may be in the hunt for instant get entry to to post-petition financing of $15 million (debtor in ownership financing) to make sure endured operations right through this situation because it implements a sale procedure.
Natural Prairie Poultry describes itself as an organization that delivers top rate high quality rooster merchandise to retail, deli, and foodservice segments. It says its merchandise are “all herbal, air-chilled, and well-trimmed,” and “come from chickens raised beneath strict animal welfare requirements, without a antibiotics ever, and fed a vegetable- and grain-based vitamin.”
The plant in 2023 gained investment to renovate and replace the plant, with $37.6 million coming within the type of a mortgage packaged, assured via the US Division of Agriculture (USDA) throughout the Meals Provide Chain Assured Mortgage Program. Larger Industrial Lending (GCL), facilitated the mortgage.
Brian Roelofs is the president and CEO of the corporate, and others that were named to its management group have had years of enjoy with different previous and provide poultry firms, together with Foster Farms, Tyson Meals, Petaluma Poultry, GNP Corporate, Prairie’s Perfect Farms and Zacky Farms.