Embattled pork producer files for bankruptcy

Posted November 10, 2009

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— Coharie Farms, the pork production company owned by the daughter of former U.S. Sen. Lauch Faircloth, filed for bankruptcy protection on Friday.

In a written statement, the company cited two years of losses attributed to the recession, fears about H1N1 when it was called the swine flu, and high feed prices driven by demand for ethanol.

Some farmers accused Coharie this growing season of withholding payment for corn.

Derrick Russ told WRAL News that Coharie Farm owes him $120,000.

Russ said he and others would store corn in Coharie silos until the price is right for them to sell.

However, this year, farmers said that Coharie Farms started selling the corn to another pork producer before paying them.

Ann Faircloth, who runs the Clinton-based farm once owned by her father, declined to comment.

The company statement said: "We fully empathize with the farmers that supply our farm with corn, many since we began as a small feed mill in 1972. They are our friends and neighbors, and we value the business arrangements that we have with them. We ask for their patience as we work through this difficult time."


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  • grgrowen Nov 10, 2009

    KUDOS midnightclay!!!

    Note my earlier post.
    People seem to have no idea what it is like to be in an industry where there are so many mis-conceptions about how those in the trenches make life more civilized and convenient for them.

    I would like people to visit the National Pork Producers Council website, as well as the NC pork producers to learn the TRUTH about H1N1 and the ramifications of slamming the hardworking people trying to earn a living.

  • midnightclay Nov 10, 2009

    Dear hereandnow99

    "And, I'm GLAD they're going under. We need LESS factory animal farms not more.
    These places are the reason that we have Swing Flu in the first place. inhumane & filthy conditions breed disease".

    Swine flu does not come from pigs. The media needs to quit feeding that balony to the public. It looks like they sucked you right in!

  • JustOneGodLessThanU Nov 10, 2009

    whatelseisnew, swine flu originated from...swine. The unsanitary and crammed conditions of factory farmed pigs makes it the perfect breeding ground for Swine Flu. Even the continued overuse of antibiotics won't help.

    So, feel free to actually rebut a comment or do you not have anything to offer and just slam us because we ask you to think?

  • JustOneGodLessThanU Nov 10, 2009

    imback, apparantly several people here share my views that these ultra-conservative government-can’t-do-nuthin-right people are filing for gov't protection.

    Why not address the point that they're hypocrites who deserve no sympathy?

  • time4real Nov 10, 2009

    can we get Smithfield to follow them? So we can put some real food places in their buildings!

  • whocares Nov 10, 2009

    I am a locavar. I buy from the farmer's market. At least I know what I buy is fresh and hasn't had some chemical put on it or in it. That is what is wrong with people now, too many chemicals in and on their food. I am just sorry to see a family farm go.

  • Barf-olomew Nov 10, 2009

    Hey "Animal Lover"

    "Amazing how just cutting out pork, other meats & poultry can SO affect cholesterol levels & overall health."

    What amazes me is how many vegans/vegetarians/etc... never get sick/never have health problems/never die.

    Even if you don't eat meat, that doesn't mean that eating meat is wrong. If so, then you need to go round up all the meat-eating animals on the planet and give 'em a stern lecture about cholesterol.

  • cocker_mom Nov 10, 2009

    Oh- I understand how bankruptcy works. And I understand that the corn farmers will likely get in line with all the other creditors.

    What I don't understand is publicly asking for patience knowing full well things were going south.

    I also don't understand that the prior and consistent way of doing business was for the farmer to be paid AT THE TIME OF SALE. They were not extending credit to the Faircloths. The Faircloths extended credit to themselves by changing the way they did business.

    And lastly - I don't understand continuing to sell product knowing you had no intention of paying. Since it was still the PROPERTY of the grower - it could have legitimately been removed from any BK proceedings. Now - the farmers don't have that option.

    I call that theft.

  • time4real Nov 10, 2009

    i prefer chopped beef and brisket!

  • vote4changeASAP Nov 10, 2009

    Coharie would offer more for the corn but the farmer wouldn't get paid until March/April.

    Maybe the processing plants who are purchasing Coharie's hogs will hold their payments as well.

    Would serve Coharie justice.