Express Grain Terminals seeks approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Jan. 14 – Express Grain Terminals, LLC is seeking court approval of the bid procedures for substantially all of its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Northern District of Mississippi.

The company’s restructuring officer said the debtor doesn’t have the internal capital structure within which to submit a meaningful “internal” plan of reorganization.

The CRO also said that, in their opinion, the debtors don’t have enough means with which to borrow additional capital, either to replace the existing secured debt or to obtain additional working capital to make an internal plan of reorganization feasible, at least in this stage of the Chapter 11 cases.

As such, the CRO determined that it is in the best interests of all parties to seek a buyer or buyers for the debtors’ assets.

The debtors have marketed the assets and received interest from a number of different purchasers for some or all of the assets; however, no purchaser has come forward yet with a definitive offer that the debtors could use as a stalking horse offer.

The company has asked the court to set the key dates for the bid procedures, including the bid deadline and auction.

Greenwood, Miss.-based Express Grain Terminals is an agricultural processing and marketing company. It filed bankruptcy on Sept. 29 under Chapter 11 case number 21-11832.

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