Commodities shipper Trans Coastal Supply Co files for bankruptcy
CHICAGO - Commodities shipper Trans Coastal Supply Company Inc filed for Chapter 11 bankruptcy on Thursday citing more than $28 million in unsecured debt, according to a court filing.
Its trade debt included over $12.1 million to CHS Inc , the largest U.S. farmer-owned cooperative, and $3 million to grain handler and ethanol maker The Andersons Inc , according to the filing seen by Reuters. Other creditors included ethanol company Green Plains Inc and commodities trader Cargill Inc.
Trans Coastal President Pamela Moses, when reached for a statement on the bankruptcy, declined to provide an immediate comment. The company’s attorney did not immediately respond to a request for comment.
The Decatur, Illinois-based company, which ships grain and other agricultural products such as the ethanol byproduct distillers dried grains (DDGS) in containers to overseas buyers, is currently facing civil litigation from two of its creditors in U.S. district courts in Illinois and New York.
Evergreen Line is suing Trans Coastal for nearly $460,000 for unpaid ocean freight and other shipping-related charges and JD Heiskell Holdings LLC is suing the company for nearly $1.6 million for failure and refusal to make payment on “tens of thousands of tons of DDGS,” according to court filings.
A third creditor, Gavilon Ingredients LLC, owned by Japanese trading house Marubeni Corp, filed a civil lawsuit last year in state court. The case was moved to federal court and dismissed without prejudice this spring.
Late last year, Trans Coastal was among several grain exporters that sued seed company Syngenta AG over sales of a genetically modified corn variety that was rejected for import by China.
The case is U.S. Bankruptcy Court, Central District of Illinois, Case No: 15-71147. (Additional reporting by Michael Hirtzer and P.J. Huffstutter; Editing by Andrew Hay)
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