MILLSTADT – A southwestern Illinois grain elevator has closed and surrendered its license because it doesn't have enough assets to meet the state's grain code.
The Illinois Department of Agriculture says the Handy Feed Handyscape Inc. of Millstadt was closed April 2 after the department discovered the elevator lacked enough assets.
The business handed over its license Thursday, allowing the department to liquidate those assets and pay valid grain claims.
The grain deposits are protected because the business is a member of the Illinois Grain Insurance Fund.
Handy Feed Handyscape had a grain storage capacity of 153,000 bushels.
Department spokesman Jeff Squibb said the effect of the elevator's closure on creditors will be sorted out during a meeting Wednesday at Millstadt's Knights of Columbus Hall.