Grainnet

Illinois Dept. of Agriculture Facilitates Sale of Two Former A-Way Inc. Grain Elevators in Iroquois County, IL; Facilities to Reopen Under New Ownership

Springfield, IL--Two shuttered Iroquois County grain elevators formerly operated by A-Way, Inc., will reopen in time for this fall,s harvest, the Illinois Department of Agriculture announced on Sept. 11.

Wheatfield Grain of Wheatfield, IN, and Watseka Interstate, LLC, of Watseka, IL, have agreed to purchase A-Way’s elevators in Crescent City and Onarga.

The deal, which has the approval of A-Way’s board of directors, was reached Monday, Sept. 10, following a competitive bidding process.

“With storage space expected to be at a premium because of a bumper corn crop, the Department of Agriculture is pleased it could facilitate a deal to keep these elevators open and preserve a local market for grain,” Agriculture Director Chuck Hartke said.

The purchase agreement includes only A-Way’s grain storage facilities.

The new owners will not assume A-Way’s debts.

Farmers who have grain stored in one of the company’s elevators or have not been paid for gain sold to the company are being invited to attend a creditors meeting Thursday, Sept. 13, from 6 to 8 p.m. in the Crescent City High School gym.

Department staff will explain the process for liquidating A-Way’s grain assets and paying claimants at the meeting, which is open to anyone with a financial interest in the company’s grain holdings.

A-Way, Inc., was a member of the Illinois Grain Insurance Fund, which means all grain deposits at its facilities are protected under the Illinois Grain Code.

Grain in storage is covered at 100 percent of its close-out value as determined by the Illinois Department of Agriculture.

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.

The elevators have been closed since Aug. 27, the date warehouse examiners from the department discovered “significant financial deficiencies” and suspended the company’s grain dealers and warehouse licenses.

They have a combined capacity of 2.2 million bushels of grain.

Meantime, a public auction is scheduled Thursday, Sept. 20, to sell two tracts of farmland that A-Way owns.

One tract is 40 acres; the other is 80 acres.

The auction will be held at noon at 600 Jerry Ash Ave., Crescent City, IL.

For more information, call Jeff Squibb at 217-558-1546, or Marcelyn Love at 217-558-1542.