F&S Biodiesel plant auctioned for $75,000 plus a percentage of future profits
In Connecticut, the F&S biodiesel plant, which was auctioned yesterday in hopes of realizing a $4 to $12 million value, received one bid for $75,000 plus a percentage of future profits by Total Energy Solutions of New Hampshire. A secondary auction was then held of the individual pieces of plant equipment: had the combined prices been more than 5 percent higher than the Total’s bid, the plant would have been sold in pieces. However, the piecemeal auction raised only $50,000 in bids. The bidder must finalize a lease agreement before the bid can be approved by a bankruptcy judge. The plant requires an additional $500,000-$1 million to become operational; F&S is said to have invested $4 million.
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