The chicken processing facility at the center of the Pure Prairie collapse has been sold as part of a financial restructuring tied to the company’s ongoing bankruptcy proceedings.
According to local reports, Community Bank and Trust—alongside former Pure Prairie board member Michael Helgeson—acquired the Charles City plant in exchange for forgiving $27.8 million in outstanding loans. The deal includes $25.7 million from the bank and $2.1 million from Helgeson.
Launched in late 2023, Pure Prairie had received more than $45 million in USDA grants and loans to establish air-chilled chicken processing capabilities. Despite early momentum, the company filed for Chapter 11 bankruptcy in September 2024, leading to the shutdown of operations and the culling of millions of broilers across several states.
As of April 2025, Pure Prairie reportedly owed $139 million to creditors, with only $3.3 million in assets. The forgiven sale has reduced that debt burden to approximately $111 million, with additional reductions from a separate court payment exceeding $500,000.
Community Bank and Trust has not yet announced its plans for the facility’s future.
Stay with PoultryProducer.com as we continue to follow developments surrounding the plant, its ownership, and potential implications for regional poultry processing capacity.
