Bankrupt Illinois plant may be sold to creditors

April 8, 2008

At press time, a bankrupt Illinois ethanol plant was scheduled to be sold April 9. Central Illinois Energy's 37 MMgy plant in Canton, Ill., was listed in the bankruptcy filing at its $33 million appraised price, the minimum amount for which it can be purchased. Florida-based NexGen Biofuels previously submitted a bid for $20 million to $25 million, but it was rejected by the bankruptcy judge. If there isn't a buyer by April 9, the facility may go to creditors who are owed $80 million. Investors spent $130 million to build CIE nearly to completion (98 percent). Another $25 million may be necessary to finish construction before the facility produces any ethanol. Check EPM's Web site for an update on the sale.

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