Growers of the newly formed Rocky Mountain Sugarbeet Growers Cooperative got a big lift today when they learned of a commitment from CIT for a $50 million line of credit necessary to close their deal for Western Sugar Company.
Randon Wilson, legal advisor for the co-op, said although the loan has not yet been closed due to details to be worked out between CIT and Tate and Lyle (Western's owner), that things look good.
"We expect these details to be worked out soon, which will allow the closing to be effective as of Jan. 31, 2002," Wilson stated.
"We continue to seek a USDA Business and Industry Guaranty of our Grower Finance Company loan. A delay in closing the CTI loan will allow time for USDA to take final action on the guaranty."
Wilson said the in the interim, he would encourage growers to look forward positively to ownership of the company and direct participation in an improving sugarbeet industry.