Major Grain Merchandiser Files Bankruptcy

Hansen-Mueller Company, an Omaha-based grain merchandiser that also operates port terminal facilities, announced on November 17 that it has filed for Chapter 11 bankruptcy protection. Hansen-Mueller’s port terminals are located in Duluth, Minn.; Houston; Superior, Wis.; and Toledo, Ohio.

Hansen-Mueller operates nine elevators in five states. Its grain-trading offices are located in Toledo, Ohio; Omaha, Nebraska; Salina, Kansas; Kansas City, Mo.; Tallulah, La.; Grand Island, Neb.; and Alabaster, Ala. The company is headquartered in Omaha, Neb.
In a letter, Hansen-Mueller CEO Josh Hansenf said, “After careful consideration of all available strategic alternatives, the board of directors determined that a court-supervised process is the most effective and efficient way to achieve an orderly sale of our assets.”

The company is pursuing a process “designed to attract one or more buyers who can continue the business operations, while providing the highest possible return to its creditors.”

In its filing, Hansen-Mueller claimed between 1,000 and 5,000 creditors, assets between $100 million and $500 million and the same amount of liabilities.

According to AgWeb, the bankruptcy filing came shortly after the company settled with three dozen Nebraska farmers who were claiming overdue payments of $2.1 million. After the settlement, the Nebraska Public Service Commission reinstated the company’s grain-trading license, which had been suspended, on November 4 and did not issue any civil penalties.

Minnesota and Texas are reportedly conducting separate investigations of Hansen-Mueller involving unpaid farmers.