DENVER (AP) -- Another Colorado dairy with financing from a failed Greeley bank is trying to get bankruptcy protection.
Cockroft Dairy Farm of Kersey has filed for permission to reorganize under Chapter 11.
It's the fifth dairy with ties to the failed New Frontier Bank to file for bankruptcy. Two other dairies have also sought bankruptcy protection amid low milk prices.
New Frontier was closed in April, about four months after the FDIC issued a cease-and-desist order against the bank for "unsafe" and "unsound" practices. Defaults on the bank's mostly agricultural loans left it with shrinking capital to cover potential losses.
Most of the bank's loans were auctioned off at a fraction of their value last month. It's not known if Cockroft's loan was among them.
Information from: The Denver Post, http://www.denverpost.com
Copyright 2009 The AP.