Financial Restructuring Follows Closure of Pure Prairie Poultry
The chicken processing facility that was the focus of the Pure Prairie Poultry collapse has been sold as part of a financial restructuring related to the company’s ongoing bankruptcy proceedings.
Acquisition Details
Local reports indicate that Community Bank and Trust, along with former Pure Prairie board member Michael Helgeson, has acquired the Charles City plant. The acquisition was made in exchange for forgiving $27.8 million in outstanding loans, comprising $25.7 million from the bank and $2.1 million from Helgeson.
Background on Pure Prairie Poultry
Established in late 2023, Pure Prairie Poultry received over $45 million in grants and loans from the USDA to develop advanced air-chilled chicken processing capabilities. Despite an encouraging start, the company filed for Chapter 11 bankruptcy in September 2024, resulting in the halt of operations and the culling of millions of broilers across multiple states.
Financial Status Post-Bankruptcy
As of April 2025, Pure Prairie Poultry faced a staggering $139 million debt to creditors, with only $3.3 million in assets. The recent sale has effectively reduced the company’s debt burden to approximately $111 million, further alleviated by a separate court payment exceeding $500,000.
Future of the Charles City Plant
Community Bank and Trust has yet to announce any plans regarding the future operations of the facility. The community remains alert to the developments surrounding the plant and its potential impact on regional poultry processing capacity.
Stay tuned to PoultryProducer.com for ongoing updates related to the facility, its new ownership, and the implications for the local poultry industry.
