News

Illinois grain company files for Chapter 11

An Illinois grain shipping company has filed for chapter 11 bankruptcy protection, blaming problems caused by China’s rejection of corn shipments that began in late 2013.

According to Dow Jones, a letter from the president of Trans Coastal Supply Company of Decatur, Illinois to employees said the company had been led to believe by Syngenta that its Viptera corn trait was soon to be approved for import into China and it wouldn’t show up in shipping channels until then. President Pamela Moses wrote that neither turned out to be true.

Trans Coastal and Cargill sued Syngenta over rejected corn shipments last September. Archer Daniels Midland filing suit two months later. Dow Jones reports more than 180 separate lawsuits have been filed over similar complaints.