Plymouth Oil Company in Merrill, Iowa has filed for Chapter 11 bankruptcy protection. High corn prices and transportation costs are being cited as reasons. Plymouth Oil had hoped to use corn germ from nearby Plymouth Energy, but those plans fell through. So, the company had to truck in the product from Wisconsin.
Plymouth Oil specializes in producing food grade products like corn oil for cooking purposes. The plant employs about 24 people.
Company spokesperson Kim Sitzmann says Chapter 11 is solely for reorganizing and they are in the process of working with new management to re-focus efforts to bring the company back to a positive financial standpoint. The company will remain open during this process.
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