PIERRE, S.D. (KELO) — The owners of Kingsburg Grain and Feed surrendered their grain-buyer and grain-warehouse licenses on Monday.
In or around the summer of 2019, the South Dakota Public Utilities Commission became aware that Kingsburg was having financial difficulties and began working with Kingsburg to correct their finances.
On February 20, 2020, the South Dakota PUC became aware that the bank with whom Kingsburg did business with declined to work with Kingsburg.
An inspection showed that Kingsburg has signiciant negative working capital and has expired VCS contracts.
On Monday, Kingsburg voluntarily surrendered its licenses.
The commission now has to formally record what’s happened, decide next steps and then start action on reimbursing the producers whose grain was being held or had already been moved up the processing chain.