Jun 17, 2022

South Dakota Grain Elevator May Get License Back

Roslyn Elevator's lender is working on a forbearance agreement to avoid foreclosure

State regulators are trying to find a way to restore the suspended license of a grain elevator in northeastern South Dakota while also protecting area producers, reports Keloland.

The South Dakota Public Utilities Commission discussed the situation of Roslyn Elevator last Thursday but continued to delay a decision.

According to a report at AgWeek, the Roslyn Elevator has in recent months been operating under the supervision of the South Dakota Public Utilities Commission as it tries to return to profitability.

The commission suspended the elevator’s grain-buying license on February 15 because of weak finances. The license expires June 30.

Lawyer Charlie Nelson, representing U.S. Bank, said the lender is working on a forbearance agreement with the grain elevator’s owners that could be in place by the end of the month and could depend on the commission’s licensing decision.

John Mullen, the lawyer representing the grain elevator, said said the elevator’s profitability has historically been better in the last half of the year because of harvest activity. PUC grain warehouse manager Cody Chambliss agreed with Mullen’s portrayal of the elevator’s finances.

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