Blue Diamond Ventures Inc (BLDV)

[buhg1b]

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.

From the May 2008 Issue

Bankrupt Illinois plant may be sold to creditors

http://ethanolproducer.com/article.jsp?article_id=3945