Iowa organic soybean business loses state licenses, files bankruptcy

A north central Iowa organic soybean business filed for bankruptcy Monday, saying it owes at least 100 creditors $10 million. It’s the state’s second grain business to run into financial insolvency this year.

The Iowa Department of Agriculture suspended the warehouse and grain dealer licenses of Global Processing Inc. of Kanawha earlier this month, saying the company failed to “have sufficient funds to cover producer grain checks” as well as to file monthly financial statements as Iowa law requires.

The loss of state licenses means Global Processing is no longer able to accept grain in Iowa. The company says online that it process food-grade organic soybeans, with locations in Iowa, Nebraska, Illinois and Minnesota.

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A north central Iowa soybean company, Global Processing Inc., has filed for bankruptcy protection, saying it owes at least 100 creditors $10 million.

Global Processing said in its bankruptcy filing Monday that it owes between 100 and 199 creditors from $10 million to $50 million. The company estimated it has the same amount of assets as it has liabilities.

Ron Martin, a Cedar Rapids bankruptcy attorney representing Global Processing, said Tuesday he couldn’t immediately comment as the company works to reorganize under Chapter 11 bankruptcy protections.