Ethanol plant near Cambridge, Neb., sells for $30M in bankruptcy auction; court must approve
By APWednesday, December 30, 2009
Neb. ethanol plant draws $30M at bankruptcy sale
CAMBRIDGE, Neb. — A 44 million-gallon ethanol plant in south-central Nebraska attracted more than $30 million in a bankruptcy auction.
Court documents say Nebraska Corn Processing LLC bought the Mid-America Agri Products plant.
The sale needs approval by a bankruptcy judge. No objections to the sale were filed by the deadline.
The winning bid was one of six received.
One of the buyer’s lawyers said Wednesday that details about the firm wouldn’t be available until a news release is issued.
Mid-America Agri Products filed for Chapter 11 bankruptcy protection last summer, several months after closing the plant near Cambridge.
The company cited unfavorable economic conditions in the ethanol industry. It listed $80 million in assets, $66 million in liabilities.
