Garnett, Kan.-A Kansas farm cooperative is up for sale after its lender informed the board of directors to sell or be taken into bankruptcy. According to the KC Community News, New Horizons Farm and Home Cooperative, based in Garnett, Kan., has received two bids, one from Beachner Grain Co. of St. Paul, Kan., and another from Ottawa Cooperative of Ottawa, Kan. The bid offers were not revealed, and the News reported last week that voting stockholders will be notified when a date is set to decide which to accept. A two-thirds majority is required to accept either bid. An earlier effort to sell to Beachner was turned down on March 18 when New Horizons stockholders voted 197-112 to complete the sale, falling just short of the needed majority. Faced with undisclosed financial concerns and an ultimatum from Frontier Farm Credit, New Horizon’s nine-member board of directors on March 11 decided to sell substantially all of the co-op’s assets to Beachner. New Horizon also owned a one-third interest in East Kansas Chemicals, which it agreed to sell to the other owners. New Horizons is less than two years old, formed in Aug. 2006 from the merger of Miami County Cooperative Association and United Cooperatives Inc. New Horizons also purchased Ligon Feed and Supply of Paola and Louisburg, Kan., in 2006. The co-op has facilities in Miami, Linn, and Anderson counties, and started operations with 75 employees at some 13 locations in 10 towns. Beachner Grain has been in business since 1987 and owns 19 grain, feed, and fertilizer facilities in Kansas and Oklahoma. Ottawa Cooperative has 14 locations in five eastern Kansas counties.
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