AgStar group buys six VeraSun plants for $324 million: creditor will resell, restart in 60 days

In Minnesota,  the AgStar lending group purchased six plants in the VeraSun bankruptcy for a credit bid of $324 million and will dispose of the plants to what it called numerous interested parties.

AgStar execs said that “This purchase will protect the interests of AgStar stockholders and our fellow creditors in the lending group. That’s what this credit bid accomplishes. Basically, we’ve taken the necessary steps to ensure these plants will be sold for fair market value. These facilities, and the people working at them, are highly valued assets.”

The group expects to close this transaction in April and sell the plants within 60 days, with restart of production to shortly follow. This transaction is in addition to the seven plants purchased by Valero last week.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

CarbonGreen acquires one of former VeraSun ethanol plants from AgStar; production restart in 30 days

In Michigan, Carbon Green Bio Energy and AgStar Financial Services have entered into an agreement for Carbon Green to purchase the 40 Mgy Woodbury ethanol plant that was aquired by AgStar in the VeraS...

Green Plains Renewable Energy to acquire two bankrupt VeraSun ethanol plants for $123.5 million

In Nebraska, Green Plains Renewable Energy announced that it will acquire two of the bankrupt VeraSun Energy ethanol plants from a group of lenders led by AgStar Financial Services, for $123.5 million...

Guardian Energy to acquire 100 Mgy ethanol plant in Minnesota from AgStar

In Minnesota, Guardian Energy has agreed in principle on the acquisition of the 100 Mgy Janesville ethanol plant, previously owned by VeraSun Energy. The  plant was acquired in 2007 by VeraSun as par...

WestLB lender group says “we’re still analyzing the deal” with two VeraSun Energy ethanol plants hanging in the balance

In Ohio and Indiana, the fates of two VeraSun Energy corn ethanol plants hang in the balance, after a lender group led by Germany's WestLB that acquired them for a credit bid of $99 million indicated ...

VeraSun may renew Indiana land development option as ethanol outlook brightens

In Indiana, VeraSun Energy has indicated interest in renewing a development option on a site in Tipton County. The site was previously optioned by ASAlliances, which was acquired by VeraSun in Augu...

VeraSun receives $280 million bid from Valero for five ethanol plants, plus development project; “stalking horse” bid to be tested at auction

In South Dakota, VeraSun Energy confirmed that it has received a "stalking horse" bid of $280 million (plus inventory and pre-paid expenses) for the purchase of five of its ethanol plants, and will ho...