United Producers and Producers Credit Corporation have filed a Chapter 11 reorganization request with the federal court in Columbus, Ohio.

"We believe this step will help United Producers reorganize its business and continue its long record of service to the farming community for many years to come," said Dennis Bolling, president and CEO. "We look forward to working with our customers in the coming months as we take steps that will result in an even stronger United Producers."

Starting Monday, April 4, United Producers will be conducting livestock operations, and auctions as previous. United Producers has reached an agreement with its bank to fund continuing operations. Additionally, Producers Credit Corporation will continue to conduct business as before.

United Producers was victimized three years ago by the biggest cattle-fraud case in U.S. history. Civil legal proceedings resulting from that have played a role in the decision to seek protection under Chapter 11.

Source: Company Release