Posted by e on February 02, 2009 at 18:10:33 from (69.130.251.124):
Maybe I should dump the corn I have in storage before it gets worse?
JEFFERSON, Wis. -- The company that runs Wisconsin's biggest ethanol plant has filed for bankruptcy reorganization.
But Renew Energy LLC Chief Executive Officer Jeff White said the company hopes to come out of bankruptcy around the middle of the year after reorganizing its balance sheet, possibly through a sale. He said the plan is to continue operations at current levels to keep the business attractive to potential investors or acquirers.
The Renew Energy plant started operations in January 2008.
Jefferson County Economic Development Consortium executive director Dennis Heling said the plant got caught in a situation of rising corn prices and a falling market for ethanol.
White said the Chapter 11 filing last Friday does not affect a sister plant, Utica Energy LLC.
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