Bartlett Grain Makes Top Bid for 10-Million-Bushel Rail Terminal in Kansas City, KS
Date Posted: May 14, 2004
Bartlett Grain Co. L.P., Kansas City, MO, has been identified as the top bidder for a 10-million-bushel rail terminal in Kansas City, KS.
Company spokesman Bill Webster told Grainnet that the terminal, which has rail connections with the Burlington Northern Santa Fe and the Norfolk Southern railroads and barge access to the nearby Missouri River, had been operated as a joint venture between Archer Daniels Midland Co. (ADM), Decatur, IL, and Farmland Industries Inc., Kansas City, MO.
Following Farmland Industries' bankruptcy and liquidation, ADM chose to acquire many of the assets of the joint venture but chose not to acquire the Kansas City, KS operation, Webster said, opening the facility to other bidders.
U.S. Bankruptcy Judge Jerry Venters in Kansas City on May 4 approved Bartlett Grain's bid for the facility.
Webster said the final contract has not been signed. Rather, the deal currently is in the "due diligence" phase, and the transaction is expected to be finalized some time around July 1.
Bartlett Grain on May 17 is taking possession of another rail terminal in the Kansas City area, Webster added.
That facility is the 4-million-bushel K.C.T. elevator, located a few miles from the former ADM-Farmland operation, on the Missouri River.
Bartlett Grain is leasing that elevator from Hyline Marketing LLC, which previously had leased it to CHS Inc., Inver Grove Heights, MN.