| Area beet growers attended an Imperial/Holly Sugar
informational meeting Thursday in Gering, Neb., regarding the recent
Chapter 11 filing. James Kempner, president and chief executive officer of
Imperial Sugar Company, Roger Hill, president and CEO of Holly Sugar
Corporation and William Schwer, executive vice president and general
counsel for Imperial attended a luncheon meeting with board of director
members from growers associations of Torrington, Wheatland, Worland and
Sidney, Mont. Following that meeting they met with 150 area growers, who
arrived with worries of upcoming crop investments and moneys owed.
Platte Valley Wyo/Braska Beet Growers association president David
Hinman of Wheatland was one of the growers in attendance.
"Today we don't have any guarantee for the 2001 season," he
said. "Getting paid for the remaining 20 percent for the 2000 harvest
looks good."
He said as far as Holly growers are concerned the buyout looks like it
is going to be put on hold for now.
"Two priorities I'm worried about is the bankruptcy and the
jeopardy of the Torrington plant," Hinman added. "I hope we have
enough growers to run the plant and assure they will get paid."
Hinman's worried about losing grower base.
Officials discussed the bankruptcy, but some of the information
couldn't be disclosed because of the details that couldn't be released
yet, Hinman said.
Hinman farms between 400-500 acres of beets each year and as of yet
hasn't signed a contract.
"Contracts are available and have been approved," he said.
"It was a good meeting, positive and very upbeat."
Goshen County grower Rod Hort, who farms near Huntley, attended the
meeting, coming away with mixed feelings.
"The bankruptcy attorney explained what they're going through as
far as Chapter 11 filing," he said. "My impression is that we're
not 100 percent guaranteed of getting our payment, but close."
He wasn't so much concerned with the 2000 crop money, but 2001 has him
worried.
Contracts are available now, but Hort hasn't signed yet.
"I feel pretty comfortable about signing the contract," he
said.
He farms about 110 acres each year.
Rick Griffith, Holly ag manager, commented that he was pleased with the
meeting.
"We had great attendance," he said. "There were more
than 130 growers, landlords and financial lenders there."
"Sugarland explained the situation," he added. "The
growers are more comfortable and confident about signing of contracts for
2001. Assurances were made about the 2001 crop, that they would be paid.
Contracts are out and we are visiting with growers now.
"It's pretty promising, but it's still early." Griffith
continued. "There's good interest.This (bankruptcy) issue is behind
us, and it's time to go forward with the contracts."
The Chapter 11 restructure will be finished by this summer, and
Griffith stated that Holly Sugar will be a stronger and financially debt
load free company. |