Coharie Farms pays feed growers
Posted January 22, 2010 6:28 p.m. EST
Clinton, N.C. — Coharie Farms in Bladen County, who was accused of not paying farmers in several counties, has paid some of its bills.
As of Friday, the company has paid back it feed growers in full, but it cost the farm everything.
The company, which is owned by the daughter of former U.S. Sen. Lauch Faircloth, filed for bankruptcy last November.
"Getting this money today means this puts us away from bankruptcy," said farmer William Williamson, one of the feed growers that Coharie owed money to.
Coharie Farms has been in business since 1972 and is among the 25 largest pork producers in the U.S., employing 165 and doing business with about 100 hog farmers.
The farm blames production costs, the H1N1 scare and the global recession for their cash flow problems.