BOISE, Idaho -- Millenkamp Cattle Inc. and its affiliated debtors filed their Second Amended Disclosure Statement for their Chapter 11 reorganization plan in the U.S. Bankruptcy Court for the District of Idaho (Case No. 24-40158-NGH), outlining a comprehensive restructuring strategy for one of Idaho's largest dairy operations.
The disclosure statement, filed by attorneys from Johnson May and Dentons, details plans to restructure approximately $181.4 million in secured debt owed to Metropolitan Life Insurance Company (MetLife) and $90.4 million owed to Rabo AgriFinance LLC (Rabo), among other obligations.
Key elements of the proposed plan include the sale of two properties - Canyonlands and McGregor - which must close by November 30, 2025. The properties were appraised in June 2024 at $16 million and $4.5 million respectively. Net proceeds will first pay $5 million to MetLife plus allowed professional fees, with remaining proceeds going to Sandton Capital Solutions Master Fund VI, LP, the debtor-in-possession (DIP) lender, less $2 million reserved for tax consequences.
The plan also provides for refinancing by May 31, 2028, to fully satisfy claims from Rabo and Conterra. The debtors operate approximately 110,000 head of cattle, including 37,000 dairy cows producing about 2 million pounds of milk daily across facilities in Jerome and Declo, Idaho.
The business, which began in 1996 with just 40 acres and 7 calves, has grown into a significant agribusiness operation employing approximately 513 people across five divisions.
This article was prepared using Stretto Conductor, our new AI-powered assistant that's here to help. Stretto Conductor was able to create this summary of a 56 page court filing in less than a minute. Always review the underlying docket filings for accurate information. The information and responses generated by Stretto Conductor may contain errors or inaccuracies and should not be relied upon as a substitute for professional or legal advice.
Link: Second Amended Disclosure Statement for Chapter 11 Plan
Document Length: 56 Pages