Kansas City, Mo ? Farmland Industries Inc. is negotiating the sale of its Coffeyville oil refinery and fertilizer plant to a group of investors based in Connecticut.

Terms of an offer from Pegasus II LLP, based in Cos Cob, Conn., were filed Monday with the U.S. Bankruptcy Court under seal for 45 days while the group evaluates the plants and negotiates a sales agreement.

“This is a very early stage of negotiations,” Farmland spokeswoman Sherlyn Manson told the Kansas City Star on Wednesday.

Pegasus thinks it would be at a disadvantaged if some of the terms are disclosed before a deal is fully negotiated.

Since filing for bankruptcy last May, Farmland has sold or agreed to sell most of its major assets. The Coffeyville facilities are among the last unsold pieces of Farmland, once the largest farmer-owned cooperative in North America.

Even before filing for bankruptcy, Farmland had been trying to sell the refinery.