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Nebraska ethanol plant nets $30 million during bankruptcy auction
2010-01-01 04:36:21 (GMT) (Caymanmama.com - Green Energy News)
Dallas, Texas (CaymanMama.com) — A south-central Nebraska ethanol plant that houses nearly 44 million gallons of the grain alcohol brought in over $30 million in a recent bankruptcy auction.
According to official court documents, the winning bid of six came from Nebraska Corn Processing LLC, which purchased the Mid-America Agri Products plant.
The sale is still pending following an approval by a bankruptcy judge and no formal objections to the sale were filed by the deadline.
According to the Associated Press, “Mid-America Agri Products filed for Chapter 11 bankruptcy protection last summer, several months after closing the plant near Cambridge.”
The company attributed its ultimate downfall to poor and unstable economic conditions in the ethanol industry. It cited $80 million in assets, $66 million in liabilities.
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