Arkansas congressional delegation requesting loan extension

LITTLE ROCK — The Arkansas congressional delegation is calling on Secretary of Agriculture Tom Vilsack to extend the loan repayment date for farmers affected by the collapse of Turner Grain until bankruptcy proceedings are completed.

Commodity Credit Corporation extended loan repayment dates for farmers impacted by the collapse of Turner Grain last fall, but the repayment extension is set to expire for farmers next week.

The lawmakers wrote in a letter Thursday that with losses as high as $50 million, the situation could have a devastating impact on Arkansas, where one out of every six jobs is tied to agriculture.

Turner Grain defaulted on its contracts to farmers last August. In October, the company filed for bankruptcy.

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