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TheBioenergySite Latest News
Monday, June 30, 2008
Print This Page US Biofuel Plants File for Bankruptcy
US - Soaring corn and soy prices on top of rising construction costs and tight credit markets have pushed about a dozen US biofuel plants to file recently for bankruptcy protection, and VeraSun has shelved plans to build more facilities.Alex Moglia, president of a biofuel restructuring advisory group, said that about 12 small to midsize biodiesel and ethanol plants have declared bankruptcy in recent months, and that there will be more defaults to follow. Corn hit all time record high of close to $8.00 per bushel last week, and profit margins were being further crimped by the high costs of soybeans.
Renova Energy LLC, a company that owns a partially built 20 million-gallons-per year ethanol plant in Idaho, was the latest to declare bankruptcy last week.
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