VeraSun declares $476 million loss in Q3, up from Sept projection of $63-$103 million; CFO leaves company

In South Dakota, VeraSun Energy declared a loss of $476 million for the third quarter, up from guidance issued by management of $63-$103 million issued in September. The company fired its CFO last week, and blamed volatility in the commodity markets and capital conditions for the cash crunch the company is facing. The company confirmed that it totaled $1.08 billion in sales, an increase of more than four times over the $221.9 million recorded in the third quarter of 2007. VeraSun in September forecast a third-quarter loss between $63 million and $103 million.

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