A Warren County dairy farm filed from protection from its creditors under Chapter 11 of the U.S. Bankruptcy code, the third dairy operation since July to go bankrupt in the 25 counties comprising the Western District of the U.S. District Court of Pennsylvania.
R-Dream Farms LLC in Corry, which has about 350 cows, listed assets ranging between $500,000 and $1 million, and liabilities ranging between $100,000 and $500,000.
Springville, New York feed dealer Gramco Inc. was listed as the farm’s biggest creditor at $432,316 followed by John Deere Financial of Johnston, Iowa, $87,796; and farm supply company Platts Mill Inc., of Spartansburg, Pa., $54,390.
R-Dream representative Robert E. Nickerson filed the Chapter 11 bankruptcy petition, which allows the farm to hold creditors at bay during financial reorganization.
Since July, dairy operations Kooser Farms in Mill Run, Fayette County, and Kimmel Brothers, Plumville, Indiana County, both for bankruptcy. For the fiscal year ending July 31, 370 dairy farms closed in Pennsylvania, according to the U.S. Department of Agriculture.
Source: post-gazette.com
