Neb. Co-op Says It's Unharmed by MF Global Failure

By: Associated Press
By: Associated Press

A Nebraska grain cooperative says it avoided losses in the MF Global bankruptcy because the Aurora Co-op quit doing business with the brokerage before it failed.

MF Global filed for bankruptcy protection in October, and roughly $1.2 billion in client funds remains unaccounted for.

The bankruptcy is the eighth-largest in U.S. history.

Co-op president George Hohwieler told farmers Thursday that the Aurora Co-op decided this summer to change its borrowing model and obtain financing from a group of 14 banks.

Hohwieler says the results have been positive, and the move protected the co-op from the MF Global mess.

The co-op is based in Aurora, Neb. It has about 500 employees and annual sales of roughly $700 million.

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