Ethanol producer VeraSun files for bankruptcy
Ethanol producer VeraSun files for bankruptcy Save Email Print
Sioux Falls, SD
Posted: 6:30 AM Nov 2, 2008
 Last Updated: 6:30 AM Nov 2, 2008
 Reporter: The Associated Press
4 comments
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Ethanol producer VeraSun Energy Corp. and 24 of its subsidiaries have filed for Chapter 11 bankruptcy protection.

The South Dakota-based company has an Indiana plant in Linden. It says that the voluntary move was prompted by a reduction in liquidity and will allow it to continue operating normally.

VeraSun said higher corn costs, worsening capital markets and tighter trade credit were all factors.

The company is one of the nation's largest ethanol producers with 16 operations in South Dakota, North Dakota, Nebraska, Minnesota, Iowa, Michigan, Indiana and Ohio.

According the bankruptcy court filing in Delaware, VeraSun has more than $1.9 billion in debt and nearly $3.5 billion in assets.
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Posted by: kc9ixv Location: yes on Nov 3, 2008 at 11:01 AM
no kidding and corn prices are actually down not up. corn is the worst and the least efficient way to make ethanol why do you think they are given tax incentives? this way prices of food would and have shot up and this was the plan from the start. it costs less then a dollar a gallon to make ethanol so just look at the profit in it and then you get tax incentives on top of that. turning food into fuel is never a good idea anyway. i have to spend more for food so someone can save 10-30 cents a gallon on ethanol now thats stupid. ethanol is less efficient then gas. a car that gets 31 mpg on gas only gets 17-20 mpg on e85 that is a fact! i have tested e85 and i seen the same results as the car manufacturers warn us car owners about big loss in mpg. you are better off using gas over e85 and usually you will save money just using gas. seriously! if you dont believe me just go look at the flex fuel vehicles and you will read this in black and white.
Posted by: NOT GOOD on Nov 3, 2008 at 09:44 AM
GOOD, ethanol isnt the answer any way doesn't work right in older cars,trucks and tractors!Unless you want spend hundreds of dollars to change the fuel system on your vehicle, just put some in your lawn mower leave it set the next time you want to use it,you wont be able to!the carb will have be destroyed!
Posted by: M Location: V on Nov 3, 2008 at 08:54 AM
This is all the taxpayer's fault. We pay farmers not to grow corn, which raises the cost of corn. Then we pay ethanol plants to consume corn that they cannot afford. Then we pay to save their rear.
Posted by: anon on Nov 2, 2008 at 07:10 PM
I wonder what they did with the millions of our tax dollars?

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