Illinois Pork Cooperative To File For Chapter 7 Bankruptcy
UNITED STATES-The Meadowbrook Farms Cooperative, which owns a 4,000-head per day pork processing plant in Rantoul, Ill., will file for Chapter 7 bankruptcy, a liquidation of all assets. In a letter dated March 5, to all members and creditors of the cooperative, the board of directors stated that efforts to find new financing failed. The cooperative discontinued slaughtering hogs earlier this year when funding ran short. The firm had filed a $2 million law suit against Triad Foods over an alleged contractual default.
