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Central Louisiana Grain Cooperative Files Bankruptcy

April 10, 2008

Agriculture and Forestry Commissioner Mike Strain, D.V.M., was notified today that Central Louisiana Grain Cooperative Inc. filed bankruptcy in U.S. District Court.

In early March, the Louisiana Department of Agriculture and Forestry placed the cooperative in receivership for non-payment of grain contracts to farmers who already made grain deliveries. Since then, the department has conducted an onsite evaluation of the financial records, contracts and day-to-day operations of the cooperative.

"The department has been in on-going negotiations for the last four weeks trying to work out a solution that would benefit all farmers involved, and today’s filing is disappointing," Strain said. "My hands are tied, I now have no choice but to instruct the staff to lock the doors and wait for the courts to decide the future of the cooperative."