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Spanish renewable energy firm wants to sell plants

Sat-18-2016 Spanish renewable energy firm wants to sell plants

Abengoa Bioenergy’s Madison ethanol plant and three others could soon be up for sale if the Spanish renewable energy firm gets its wish as it wades through bankruptcy.

According to a Sunday court filing at U.S. Bankruptcy Court in St. Louis, Abengoa wants permission to list the Madison plant and plants in Mount Vernon, Ind., and in Ravenna and York, Neb., as soon as August.

$200 million for plants

Green Plains, Inc., an ethanol production company based in Omaha, Neb., was named as a potential buyer for both the Madison plant and the Mount Vernon, Ind., plant and has offered $200 million for the pair.

Abengoa also has received a $115 million bid for the Ravenna plant and a $35 million bid for the York plant.

Abengoa is based in Spain and has nine ethanol and bioethanol plants in the U.S. as well as U.S. corporate offices in Chesterfield, Mo. It filed for bankruptcy in February and is hoping to offload some of its assets as it restructures the billions in debt it owes to hundreds of creditors.

The Madison plant employs 60 people. The facility takes in 825,000 tons of grain each year to produce 90 million gallons of fuel annually.

Source: http://ukrfuel.com/news-bid-on-local-ethanol-plants-reaches-a-co-134.html

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