Choice Genetics USA, a West Des
Moines firm that specializes in swine genetics, has filed to reorganize its
finances under federal bankruptcy law as the result of an arbitration ruling.
The company claimed nearly $21.8 million in debts, with $14 million due to
unsecured creditors, and $486,000 in assets in a filing Feb. 13 in the U.S.
Bankruptcy Court for the Southern District of Iowa in Des Moines. The asset value could be low because some assets were listed as having an unknown value. Choice
Genetics USA is a part of France-based genetics firm Groupe Grimaud.
filing pertains only to the operations of Choice Genetics USA.
According to the bankruptcy court filing, Choice Genetics USA owes Scidera Inc. of Davis, Calif., nearly $11.8 million in an arbitration case. A spokesman for the West Des Moines company said he could not discuss the ruling. Scidera specializes in animal health.
Choice Genetic USA said in a release that its lenders had signed off on the bankruptcy filing and that the company would continue its operations. According to the release, the company will continue to incur and pay debt.