American Crystal Sugar to default on $71.2 million government loan
FARGO – American Crystal Sugar will default on a government loan of $71.2 million under a program that provides relief when a glut of sugar depresses prices.
David Berg, president and chief executive officer of American Crystal Sugar, said forfeiting the sugar put up as collateral for the loan was the best option given very low sugar prices.
“Everything we have under loan we do intend to forfeit,” Berg said. “Today, it’s about the best place we have to sell sugar.”
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