Bankrupt VeraSun plans to auction off all plants

06 February 2009 00:26  [Source: ICIS news]

HOUSTON (ICIS news)--Bankrupt US ethanol producer VeraSun Energy plans to sell substantially all of its assets in an auction, the company said on Thursday in a bankruptcy document.

By 23 February, VeraSun plans to receive an order from the court approving the bidding procedures for the sale, the company said. The auction should take place by 31 March, and the sales should close by 15 April.

VeraSun outlined the procedures in a draft of a credit agreement that it filed in bankruptcy court.

VeraSun owns and operates 16 plants, the company said.

The company filed for bankruptcy protection after making bad bets on corn futures.

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By: Al Greenwood
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