Biodiesel of Mississippi restarts operations, sells plant

By | January 10, 2007
After an eight-month hiatus, Biodiesel of Mississippi Inc. (BMI) began producing soybean-based biodiesel fuel in October 2006 at its Nettleton, Miss., plant. In February 2006, the plant was forced to cease operations and file Chapter 11 bankruptcy as a result of a disagreement with a management company that provided some working capital financing for the refinery.

BMI also asked Maryland mergers and acquisitions firm Equity Partners Inc. (EPI) to seek a buyer for the plant. The facility was open for site visits, received several bids and held an auction before determining a final buyer Dec. 21. The bankruptcy court approved the sale of the plant to a Virgin Islands group by the name of La Croix International, and BMI hopes to close Jan. 20, said Ken Mann of EPI.

BMI's plant has operated on and off for three years, producing biodiesel fuel consistently for three quarters leading up to its close. Sitting on a 3.9-acre site, the soybean processing facility is listed as a 60,000-gallons-per-day plant, Mann said, although a permit application has been submitted to the Mississippi Department of Environmental Quality to produce up to 130,000 gallons per day. BMI used Ultra Sonic Fusion Reactors technology to produce its biodiesel. Two large grain storage bins, a grain elevator and truck scales are also situated on the property.

Headquartered in Pasadena, Md., EPI provides investment banking services exclusively for businesses operating in Chapter 11 or suffering from financial distress.
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