New company taking on Boersen Farms debt

Boersen Farms
Boersen Farms. (Aug. 30, 2017)

GRAND RAPIDS, Mich. (WOOD) — A brand new firm has agreed to tackle an unpaid mortgage of almost $one hundred fifty million to Ottawa County farming big Boersen Farms.

LT Capital, LLC agreed to take possession of Minnesota-based mostly CHS Capital’s mortgage to Boersen, in accordance with a doc filed in federal courtroom Monday. The paperwork additionally say that LT Capital intends to cease pursuing a federal lawsuit towards Boersen.

In that lawsuit, which was filed earlier this yr, CHS stated the Zeeland Township farm owed it greater than $one hundred forty five million; different collectors stated the farm owed them one other $three million. CHS claimed the Boersens lied about their harvest from final yr and used a number of the borrowed money to purchase a house.

A consultant for Boersen advised 24 Hour Information eight final week that the farm had reached a settlement with collectors however didn’t present the small print of that deal.

Michigan Division of Licensing and Regulatory Affairs data present LT Capital was shaped late final month and is run by the CFO of Zeeland Farm Providers, one other household-owned farm within the space.

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