Mississippi Chemical to sell two subsidiaries for $27 million; auction to follow

By Carlise Newman

Chicago, Dec. 1 - Mississippi Chemical Corp. said subsidiaries Mississippi Potash Inc. and Eddy Potash Inc. have entered into an agreement to sell their potash assets to two subsidiaries of Intrepid Mining LLC for $27 million. Certain liabilities will be assumed by the purchasers.

The agreement represents a stalking horse bid that requires bankruptcy court approval, according to a news release. The next step will be an auction process where other interested parties may submit bids.

The sale of the assets is expected to close in the first quarter of 2004.

Yazoo City, Miss.-based Mississippi Potash owns and operates two mines.

Intrepid is a Denver-based natural resources company.

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