Bankrupt Pimco-Backed Grain Handler Agspring Settles Litigation With Creditor
30 Aprile 2022 - 2:35AM
Dow Jones News
By Becky Yerak
A bankrupt grain storage and handling company and its backers
have reached a proposed settlement of litigation that had sought to
foreclose on certain of its Louisiana properties.
Agspring Mississippi Region LLC, which last year sought
protection from creditors, and debt and equity holders that include
Pacific Investment Management Co. funds have settled with Larry
Tubbs.
Mr. Tubbs is a former Agspring Mississippi Region executive who
loaned more than $20 million to the company, including for
acquisitions. Mr. Tubbs and his ventures, which said they were owed
$29.9 million in the Agspring bankruptcy, will get Agspring's
stakes in three properties, plus $1.6 million in cash.
The settlement and Agspring's chapter 11 liquidation plan must
be approved by the U.S. Bankruptcy Court in Wilmington, Del.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
April 29, 2022 20:20 ET (00:20 GMT)
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