Farmland reports $346.7 million loss for year
Kansas City, Mo ? Farmland Industries Inc. said Wednesday that it lost $346.7 million in its latest fiscal year, reflecting the difficulties that drove the nation’s biggest farm-owned cooperative to file for bankruptcy reorganization in May.
Farmland’s fertilizer and petroleum businesses, which the company plans to shed, recorded losses during the year that ended Aug. 31. Farmland also had $155.2 million in charges related to restructuring, reorganization and discontinued operations.
The Kansas City, Mo.-based cooperative, which lost $90 million in fiscal 2001, filed for Chapter 11 bankruptcy protection May 31 in part because of sharply lower sales of fertilizer ” its biggest source of income.
In its initial reorganization plan filed Wednesday, Farmland reaffirmed its strategy to sell or reposition its fertilizer and petroleum businesses. Farmland also said its beef and pork businesses remain key to its recovery.