SIOUX FALLS, S.D. (AP) – Ethanol producer VeraSun Energy Corp. is putting seven of its ethanol plants up for auction as part of a debtor-in-posession agreement with lender Agstar Financial Services.
VeraSun spokesman Mike Lockrem says Agstar is calling for an auction as part of the agreement filed in federal bankruptcy court in Delaware on Thursday.
The plants to be auctioned are in Ord and Central City in Nebraska, Albert City and Dyersville in Iowa, Woodbury, Mich., Hankinson, N.D., and Janesville, Minn.
Lockrem says the company needs the additional $12.3 million in funds to maintain the plants’ work force and facilities through April 30.
AP-ES-01-16-09 1436EST
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