Farmland to sell grain elevators to Archer Daniels Midland

(Kansas City. Missouri-AP) -- A judge Wednesday approved Farmland Industries' plan to sell its grain elevators in Oklahoma and three other states to Archer Daniels Midland.<br><br>The attorney for

Wednesday, April 14th 2004, 12:00 am

By: News On 6

(Kansas City. Missouri-AP) -- A judge Wednesday approved Farmland Industries' plan to sell its grain elevators in Oklahoma and three other states to Archer Daniels Midland.

The attorney for Kansas City-based Farmland calls the grain handling system "the last substantial item" left to handle before the bankrupt cooperative can pay its creditors.

Archer Daniels Midland will pay $7.5-million in cash and assume about $17-million in liabilities.

The system already is run by by Decatur, Illinois-based ADM. It includes three elevators in Texas and one each in Oklahoma, Kansas and Nebraska.

Farmland was once the nation's largest farmer-owned cooperative. It filed for Chapter 11 bankruptcy protection in May 2002 and decided to sell its assets to pay creditors.