Bankruptcy court approves US VeraSun auction procedures

19 February 2009 22:35  [Source: ICIS news]

HOUSTON (ICIS news)--The US Bankruptcy Court in Delaware approved the bidding procedures on Thursday for bankrupt US ethanol producer VeraSun Energy, which plans to sell substantially all of its assets, including its plants, in an auction.

The court will hold an auction on 16 March, with a hearing regarding the auction set for 18 March.

All auction sales are to close by 31 March, according to court filings.

VeraSun, which owns and operates 16 plants, filed for bankruptcy protection after making bad bets on corn futures.

On 7 February, US refiner Valero expressed interest in VeraSun’s five US midwest ethanol refineries and a sixth under development, making a $280m (€224m) initial bid.

For more on ethanol visit ICIS chemical intelligence
Bookmark Simon Robinson’s Big Biofuels Blog for some independent thinking on biofuels
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By: Ben DuBose
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