GreenHunter puts 105 Mgy biodiesel plant up for sale

In Texas, GreenHunter has put its idled 105 Mgy biodiesel plant in Houston up for sale, and is seeking strategic investment partners.

The company’s $70 million plant – the largest in the country – has been beset by the financial crisis, price volatility for fuels and feedstocks, as well as a hurricane related shutdown last year. In other news, the company amended its credit agreement with WestLB over $48.5 million in loans.

According to a release, “the Lender has agreed to waive any claims of Event(s) of Default until November 15, 2009. Additionally, due to the anticipated settlement of certain business interruption and property damage insurance claims with various underwriters related to damages sustained at GreenHunter BioFuels from Hurricane Ike in September, 2008, the Lender will receive a significant paydown on its loans, and additionally will postpone the repayment of the balance of its term loan until November 15, 2009. All remaining funds due from insurance proceeds will be used at GreenHunter BioFuels to fund existing working capital requirements.”

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