Oklahoma Peanut Processor Texoma Peanut Files to Sell Remaining Assets

Texoma Peanut Co., a processor of about 100,000 tons of “farmers’ stock” peanuts annually, filed a Chapter 11 petition on Nov. 6 in Okmulgee, Okla., to sell remaining assets after losses triggered loan defaults In re Texoma Peanut Co., Bankr. E.D. Okla., 14-81334, petition filed 11/6/14.

Operating under the name Clint Williams Co., the company saw gross profit plunge 136 percent from fiscal year 2012 to 2013, driven almost entirely by losses associated with TPC’s Mississippi operations. The loss caused the company to default on loans from Wells Fargo Bank N.A. and Great Western Bank, according to court ...