Parties in In U.S. Bankruptcy Court have announced a tentative agreement in the case against West Texas Guar.
The primary terms of the agreement call for farmers to receive 75 cents on the dollar of the contract price with further terms and conditions to be worked out between now and May 30.
According to attorney Byrnie Bass, who represents some of the farmers who initiated the action, under the terms of the tentative agreement the farmers would get the agreed upon amount on or before August 15, 2014.
Bass said there are still many issues to be worked out between now and May 30. The parties will submit an agreed-upon order to the court outlining all the terms and conditions of the settlement on or before the 30th.
Attorney Fernando Bustos, who also represents farmers, called Monday's move "substantial progress."
Items not yet worked out under the agreement include details such as when and how the plant can start up operations again.
The court was set to rule on Monday if no agreement had been reached. Bass says that the "tension that keeps everyone at the table and cooperative is not knowing how the judge was going to rule."
If no agreement is submitted to the court by May 30, Judge Jones will issue his ruling.
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