The receiver appointed in the Uncle Nearest vs. Farm Credit Mid-America legal matter reports progress is being made regarding debt refinancing and notes a finalized 13-week budget including approximately $1 million to pay delinquent and necessary company operating expenses.

Phillip Young Courtesy of Thompson Burton

Relatedly, and according to a document submitted to the court, the receiver, Thompson Burton partner Phillip Young, notes the budget also includes approximately $1.5 million for the estimated professional fees associated with the receivership.

Young reports the budget presented to Farm Credit is balanced, demonstrating that the company’s revenues can cover its operational expenses for the next 13 weeks and that Uncle Nearest offers a “very good” opportunity to emerge from r

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