Ethanol producer VeraSun files for bankruptcy

By: The Associated Press
By: The Associated Press

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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