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$1M payout approved for farmers in Hansen Mueller Coop bankruptcy case
A Nebraska-based grain company has been ordered to pay $1 million in restitution to farmers for unpaid contracts.
The Nebraska Public Service Commission has an approved the payout to 12 producers who submitted verified claims against Hansen Mueller Coop. The company filed for Chapter 11 bankruptcy earlier this year and stopped operating as a licensed grain dealer after it failed to pay farmers for their grain.
PSC Vice Chair Kevin Stocker says the outcome demonstrates the importance of regulations and ensures that every claim was reviewed.
PSC and will distribute the proceeds on a prorated basis of about $90 per dollar of each claim.
Tags: agricultural markets, bankruptcy, Chapter 11 bankruptcy, commodity contracts, farm payments, farmer restitution, grain contracts, grain dealer bankruptcy, Hansen Mueller Coop, nebraska agriculture, Nebraska grain company, Nebraska Public Service Commission, producer claims, rural economy, unpaid grain contracts
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