Mid-Atlantic Biodiesel plant auction set for Jan. 22

By Ron Kotrba | January 01, 2009
Web exclusive posted Dec. 12, 2008 at 2:38 p.m. CST

Maas Companies Inc., a firm specializing in investment recovery, is scheduled to auction off Mid-Atlantic Biodiesel's 5 MMgy plant in Clayton, Del., on Jan. 22, starting at 11 a.m.

Built in 2006-2007, the plant operated for only six months before production was suspended due to high feedstock costs and unfavorable market conditions. It now sits dormant but remains under the care of on-site personnel. According to Maas Companies, the plant is in "move in" condition.

Most of the equipment will be auctioned off as a package deal, except for new equipment that was never installed, which will be sold individually. Purchasers will be able to assume the lease agreements for Mid-Atlantic Biodiesel's laboratory equipment under lease-to-own agreements.

The refinery has a rail siding connecting the property to Norfolk Southern Co.'s main rail line and resides on property leased from Norfolk Southern. The purchaser may assume the lease, provided Norfolk Southern approves the new buyer's credentials, or the purchaser can move the plant and equipment to another location.

On Jan. 22, a potential buyer must have or be able to show available a $100,000 deposit in certified funds and the balance of the purchase price will be due at closing 30 days later.

The auction will be on-site of the plant, located at 281 School Lane in Clayton, Del. Open houses are scheduled for Jan. 8, 9, 20 and 21. For more information visit www.maascompanies.com or call Allison Guyton at (507) 285-1444.
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