45 MMgy Canadian biodiesel plant assets up for sale
Bids are being accepted for the 45 MMgy Great Lakes Biodiesel plant in Welland, Ontario, Canada. KPMG Inc. is the court-appointed receiver and is inviting written proposals for purchase of real estate and buildings, manufacturing operations, inventory, equipment and all other assets on an en bloc basis or otherwise on an “as is, where is” basis.
According to court papers, Heridge S.a.R.L. loaned Great Lakes Biodiesel $20 million to build the plant but was never fully repaid. Bankruptcy proceedings began earlier this year and KPMG was appointed the receiver. Heridge has submitted what’s called a stalking horse bid to establish a minimum offering for the assets.
The facility features Desmet Ballestra production technology suited to process canola or soybean oil into ASTM-spec biodiesel, 8.5 million liters (2.25 million gallons) of on-site storage capacity and a rail/truck terminal to service 12 to 14 railcars per day. The total site includes more than 16 acres of land.
All proposals must be sealed and received in writing by KPMG Inc. at Suite 4600, 333 Bay Street, Toronto, Ontario, M5H 2S5 no later than 10:00 a.m. Jan. 7, the bid deadline.
The highest or any proposal will not necessarily be accepted. En bloc proposals for the purchase of the entire assets and operations of Great Lakes Biodiesel will be given special consideration, according to KPMG. All proposals must be accompanied by a refundable deposit of at least 10 percent of the purchase price offered and conform to the terms and conditions set out by the receiver. For more information, contact George Bourikas or Robyn Duwyn.
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