The South Dakota Public Utilities Commission says it has addressed and resolved insolvency concerns for Kingsburg Grain and Feed of rural Bon Homme County last week, reports the Mitchell Republic.
The PUC said that through the work of Kingsburg, which is located northwest of Springfield, SD, and PUC staff, a successful resolution was reached that did not result in losses to producers or creditors. The facility was sold to Lesterville Feed and Grain to continue being operated.
The PUC has been investigating Kingsburg since February 2020, when after a regular inspection revealed Kingsburg did not meet minimum financial requirements for licensing and had not been candid about their financial condition and staff uncovered multiple past due delayed price contracts.
Between February 2020 and February 2021, many actions were taken, including a full audit, remote financial monitoring, holding a public auction, and selling the facility.
