BioFuel Energy posts wider loss: “We are likely to need to restructure our debt.”

In Colorado, BioFuel Energy reported widening losses and said that “we are likely to need to restructure our debt or obtain other accommodations from our lenders, in order to continue operating as planned.” Q1 revenues were $97.5 million, with net losses of $11.2 million. The said that it ran at 100% of nameplate capacity during the quarter, but with negative spot margins and issues with dryer reliability.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Cosan reports profits (Brazilian accounting), loss (US accounting); debt soars, stock rises, go figure

In Brazil, Cosan reported a $64.6 million loss for its third quarter, up from a $59.7 million loss in the comparable period last year. However, under Brazilian accounting rules, the company swung to a...

Biofuel Energy restructures debt, resolving massive hedging losses

In Colorado, Biofuel Energy reported that it has reached agreements with Cargill and two of its debt holders regarding massive hedging losses incurred by the company last year. The parties agreed on a...

Lignol loss widens as cellulosic ethanol pioneer sets 2010 goal to evaulate opportunities for commercial-scale plant

In Canada, Lignol Energy reported a full-year loss of $6.2 million compared to a loss of $4.6 million for the previous year, and said that the wider losses reflected an increase in R&D spending to...

Pacific Ethanol says production drops 24 percent, ethanol prices 28 percent; fresh bankruptcy warming

In California, Pacific Ethanol issued a fresh bankruptcy warning, saying that it has yet to work out a satisfactory voluntary restructuring with its creditors, and said it will need to restructure in ...

Verenium posts $13.6 million loss, says BP partnership in cellulosic ethanol is blooming

In Massachusetts, Verenium reported a net loss of $13.6 million for the quarter on revenues of $14.4 million. "We had a strong start to 2009," said CEO Carlos Riva, "beginning with the announcement...

The Top 10 Biofuels Stories of 2008: #7, VeraSun’s bankruptcy, and the first generation ethanol collapse

The meltdown seemed to commence in the early summer when corn prices jumped from the $4 range to $7. Biofuel Energy was the first to indicate that they had significant negative exposure on corn pri...