By OGJ editors
HOUSTON, May 19 -- Mississippi Chemical Corp., Yazoo City, Miss., and most of its subsidiaries have filed for Chapter 11 organization in US bankruptcy court in Jackson, Miss.
The proceedings, filed May 15, do not include Farmland MissChem Ltd. and its associated companies, a Houston ammonia terminal, and the company's subsidiaries outside the US.
"Over the past 5 years, the combination of the depression in the agricultural sector and the extreme increase and volatility in the price of domestic natural gas, the company's primary raw material, has resulted in substantial financial losses," said Charles O. Dunn, Mississippi Chemical president and CEO.
Mississippi Chemical also hired Gordian Group LLC to explore various financial restructuring alternatives, including stand-alone recapitalization and third-party investment scenarios.
