Iowa Department of Agriculture and Land Stewardship Receives Notice of Bankruptcy for Global Processing, Inc.
DES MOINES, Iowa (October 25, 2022) – The Iowa Department of Agriculture and Land Stewardship has been notified that Global Processing, Inc., based at 945 150th Street in Kanawha, IA, filed for Chapter 11 bankruptcy in the State of Iowa effective October 24, 2022. Global Processing, Inc. holds grain dealer and warehouse licenses in Iowa, which were suspended earlier this month.
Anyone with unpaid grain sold to this dealer and/or grain delivered for storage before October 24, 2022, may file a claim with the Iowa Grain Depositors and Sellers Indemnity Fund. Claims must be made in writing and filed with Global Processing, Inc. and the Iowa Department of Agriculture and Land Stewardship, Grain Warehouse Bureau, within 120 days (February 21, 2023).
Claims can be mailed or personally delivered to the Iowa Department of Agriculture and Land Stewardship Grain Warehouse Bureau, Wallace State Office Building, 502 E. 9th St., Des Moines, Iowa, 50319. Failure to file a claim within 120 days relieves the Iowa Grain Depositors and Sellers Indemnity Fund of its obligation. Failure to make a timely claim against the Iowa Grain Depositors and Sellers Indemnity Fund does not relieve Global Processing, Inc. of its liability to the claimant.
The Iowa Department of Agriculture and Land Stewardship’s Grain Warehouse Bureau regulates and examines the financial solvency of grain dealers and grain warehouse operators to protect Iowa farmers. The Grain Warehouse Bureau is responsible for administering the Iowa Grain Depositors and Sellers Indemnity Fund, which was created in 1986 to provide financial protection to farmers with stored grain. The indemnity fund covers farmers with grain on deposit in an Iowa-licensed warehouse and grain sold to a state-licensed grain dealer. In the case of a failure in a state license warehouse or grain dealer, the indemnity fund will pay farmers 90 percent of a loss on grain up to a maximum of $300,000 per claimant.
If claimants have questions, they can contact the Iowa Department of Agriculture and Land Stewardship’s Grain Warehouse Bureau at 515-281-5987.