DONNA, TEXAS, US — Garcia Grain Trading Corp. filed for bankruptcy on Feb. 17 after its grain storage licenses were suspended by the Texas Department of Agriculture.
Based in Donna, Texas, US, the company filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
The company buys and stores grain crops, including corn, sorghum, milo, wheat, soybeans, and sesame and sunflower seeds. It has locations in Progreso, Santa Rosa, Donna and Edcouch in the Rio Grande Valley area of southern Texas.
In its bankruptcy filing, the company listed estimated assets of $10 million to $50 million with liabilities of $10 million to $50 million that it owed to 50 to 99 creditors.
