By Becky Yerak

 

A bankrupt grain storage and handling company and its backers have reached a proposed settlement of litigation that had sought to foreclose on certain of its Louisiana properties.

Agspring Mississippi Region LLC, which last year sought protection from creditors, and debt and equity holders that include Pacific Investment Management Co. funds have settled with Larry Tubbs.

Mr. Tubbs is a former Agspring Mississippi Region executive who loaned more than $20 million to the company, including for acquisitions. Mr. Tubbs and his ventures, which said they were owed $29.9 million in the Agspring bankruptcy, will get Agspring's stakes in three properties, plus $1.6 million in cash.

The settlement and Agspring's chapter 11 liquidation plan must be approved by the U.S. Bankruptcy Court in Wilmington, Del.

 

Write to Becky Yerak at becky.yerak@wsj.com

 

(END) Dow Jones Newswires

April 29, 2022 20:20 ET (00:20 GMT)

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