SPRINGFIELD, Ill. – A St. Clair County grain warehouse surrendered its operating licenses to the Illinois Department of Agriculture today.
Handy Feed Handyscape, Inc., of Millstadt, Ill., has been closed since April 2, when department staff discovered assets of the financially-troubled company were insufficient to meet the requirements of the Illinois Grain Code and took control of the firm to protect the interests of its farmer customers. The surrendering of the licenses will enable the department to liquidate those assets and pay valid grain claims.
“We’ve scheduled a creditors meeting to explain the entire process,” Illinois Department of Agriculture Acting Director Bob Flider said. “Anyone who has grain in storage at the facility or has not been paid for grain sold to the company is encouraged to attend.”
The meeting will be held Wednesday, April 18, at 6 p.m. at the Knights of Columbus Club, 114 West Oak St., in Millstadt.
Handy Feed was a member of the Illinois Grain Insurance Fund, which means all grain deposits at its facility are protected. Stored grain is covered at 100 percent of its close-out value as determined by the department. Grain that was priced within 21 days of the date of failure also is covered at 100 percent, while grain held under a price later contract is protected at 85 percent of the close-out value based on the length of time since delivery and pricing. If the company’s grain assets are insufficient to pay all valid claims, the Illinois Grain Insurance Fund will make-up the shortfall.
Handy Feed Handyscape had a grain storage capacity of 153,000 bushels. In addition to corn, soybeans, wheat, milo and oats, the company also sold feed, seed and other agricultural products.