One of North Dakota’s outstanding pulse crop marketers has filed for Chapter 11 bankruptcy protection and reorganization, a victim of tariffs and weather, reports the Bismarck Tribune.
JM Grain Inc., with offices at Garrison, ND, and Great Falls, MT, filed a voluntary Chapter 11 bankruptcy June 25 in Fargo.
The company says sales in the current year are about $3.5 million compared to the average of about $13 million, in part due to tariff and trade disruptions.
“JM’s plan is to reorganize company debts, restructure operations,” the company said in a statement.
According to bankruptcy documents, grain receipt-holders are owed a total of $609,804 and the company is planning to restructure debt to pay the creditors in full.
