GRAND RAPIDS, Mich. (WOOD) — A new company has agreed to take on an unpaid loan of nearly $150 million to Ottawa County farming giant Boersen Farms.
LT Capital, LLC agreed to take ownership of Minnesota-based CHS Capital’s loan to Boersen, according to a document filed in federal court Monday. The documents also say that LT Capital intends to stop pursuing a federal lawsuit against Boersen.
In that lawsuit, which was filed earlier this year, CHS said the Zeeland Township farm owed it more than $145 million; other creditors said the farm owed them another $3 million. CHS claimed the Boersens lied about their harvest from last year and used some of the borrowed cash to buy a home.
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