The debt of around $ 6 million was too much for Pierce, Nebraska elevator investors to overcome to be able to re open the facility. State Public Service Commission Grain Division Director John Fecht says Manager Brian Bargstad and a local group tried to come up with financing but fell short.
Fecht says those farmers who still have contracts with the elevator need to make other marketing plans. He advises them to speak with Bargstad about that and to move forward.
The Pierce Elevator had to give up their license earlier this month when the debt began piling up. Manager Bargstad and investors met with the State Public Service Commission but by Friday were unable to bring the needed financing forward to re open.
