Another US Ethanol Maker Files For Chapter 11
Northeast Biofuels became the latest firm in the troubled US ethanol industry to file for Chapter 11 bankruptcy protection Thursday.
The company's 100 million gallon plant in Fulton, New York has suffered design flaws and construction delays, leaving it unable to make debt repayments.
Northeast Biofuels becomes the latest casualty in the industry over the last twelve months along with VeraSun Energy, the largest publicly traded ethanol maker, Greater Ohio Ethanol, Gateway Ethanol and Beatrice Biodiesel having also filed for bankruptcy.
The company's 100 million gallon plant in Fulton, New York has suffered design flaws and construction delays, leaving it unable to make debt repayments.
Northeast Biofuels becomes the latest casualty in the industry over the last twelve months along with VeraSun Energy, the largest publicly traded ethanol maker, Greater Ohio Ethanol, Gateway Ethanol and Beatrice Biodiesel having also filed for bankruptcy.