Express Grain receives approval for compromise and settlement

Chicago, Dec. 29 – Express Grain Terminals, LLC received approval for an order approving compromise and settlement with its lenders and promissory noteholders, according to a filing with the U.S. Bankruptcy Court for the Northern District of Mississippi.

On April 11, 2022, Express Grains was given permission to sell all of its assets to UMB.

Based on the sale order, there are no material assets with any equity for certain lenders.

Accordingly, Express Grain has settled claims with its lenders, business debtors and entity EGT Leverage.

Leverage loans are not collectible and there is no value to equity interests that were part of related option agreements. Accordingly, leverage loans from 2015, 2018 and 2020 will be canceled with the related option agreements.

When entities Rustic, MuniStrategies, Amcref 47, Amcref 50, New Markets and Heartland receive funds from their respective accounts they will be able to apply the funds to their respective loan documents and the balance of their proofs of claim will be withdrawn and the debtors will disclaim any further interest in those accounts.

The business debtors will release the leverage loan lenders from all causes of action, including avoidance actions.

EGT Leverage will release three investment funds from three leverage loans.

Greenwood, Miss.-based Express Grain Terminals is an agricultural processing and marketing company. It filed bankruptcy on Sept. 29, 2021 under Chapter 11 case number 21-11832.

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