Express Grain needs another month of access to cash collateral

Chicago, May 3 – Express Grain Terminals, LLC has asked the court for an expedited hearing to allow the company to use its cash collateral for wind up purposes, according to filings with the U.S. Bankruptcy Court for the Northern District of Mississippi.

The company had previously announced that the outside closing date for its sales of its Mississippi facilities in Sidon, Greenwood and Minter City to secured lender UMB Bank, NA had been pushed back to May 31.

The company needs extended access to the collateral to wind down essential operations, finish shipping grain that remains on site, finish selling, and then delivering, finished product/inventory and collection of accounts receivable.

The company has requested the use of cash collateral through June 3, from April 29.

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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