Liquidation: Golden Growers Cooperative

Form Type: 10-Q

Filing Date: 2025-05-13

Corporate Action: Liquidation

Type: Update

Accession Number: 000182646625000052

Filing Summary: Golden Growers Cooperative filed its 10-Q for the period ending March 31, 2025. The document highlights the Cooperative's financial situation, including total assets of $22,752,000 and members' equity of $22,746,000. Significant updates include the approval of a Plan of Liquidation and Dissolution by members during the annual meeting in March 2025, which involves the sale of the Cooperative’s 50% interest in ProGold LLC to Cargill following the expiration of the Facility Lease. The Cooperative's current liabilities stand at $6, while the revenue for corn operations increased to $20,088,000, compared to $18,143,000 for the same period in the previous year. The report also mentions the financial performance of ProGold LLC and details on cash flows and distributions to members, noting distributions of $3,563,000 made on February 27, 2025. The Cooperative evaluated events through the filing date and concluded no subsequent events required recognition in the financial statements.

Form Type: 10-K

Filing Date: 2025-03-18

Corporate Action: Liquidation

Type: New

Accession Number: 000182646625000021

Filing Summary: Golden Growers Cooperative filed its Form 10-K for the fiscal year ended December 31, 2024. This report details the company's business operations, risk factors, and significant corporate events. The Cooperative, owned by 1,462 members across North Dakota, South Dakota, and Minnesota, focuses on adding value to corn through processing in a joint venture with Cargill. The report reveals that Cargill has acquired the Cooperative's 50% interest in ProGold LLC, as expected, leading to a Plan of Liquidation and Dissolution to be voted on by members at the 2025 Annual Member Meeting. This plan includes the sale of the Cooperative's assets and the authorization for the Board of Directors to execute necessary documents for this dissolution. Important operational details include the financial arrangements with Cargill regarding lease payments, membership delivery obligations, and income allocation. The document emphasizes the forward-looking strategies and uncertainties faced by the Cooperative due to the economic environment, including factors that could impact corn prices and operational efficiency.

Form Type: 8-K

Filing Date: 2025-02-05

Corporate Action: Liquidation

Type: New

Accession Number: 000143774925002793

Filing Summary: On January 31, 2025, the board of directors of Golden Growers Cooperative concluded that following the sale of its 50% membership interest in ProGold LLC to Cargill by December 31, 2026, it is in the best interest of its members to dissolve and wind up the Cooperative’s business. The board ratified the sale terms and approved a formal Plan of Dissolution, detailing the distribution of remaining assets to members after satisfying creditor obligations. This Plan will be presented to members for review and voting at the upcoming Annual Meeting scheduled for around March 20, 2025. The board retains the right to abandon the dissolution if deemed not in the best interests of members.