North America’s largest farmer-owned cooperative is broke. Kansas City-based Farmland Industries has filed for Chapter 11 bankruptcy protection to keep its creditors at bay. Farmland lists assets of 2-point-7-billion dollars and liabilities of 1-point-9-billion dollars. The company says there will be layoffs but it’s unclear how many at this stage. The company employs 14,500 people worldwide – 900 of them in Kansas City. Farmland intends to keep all divisions operating, so product supplies should not be interrupted.
