Owner of N. Ind. ethanol plant files bankruptcy
Associated Press November 14, 2012 11:04AM
Updated: November 14, 2012 11:08PM
SOUTH BEND — The company that runs Indiana’s oldest ethanol plant has filed for bankruptcy protection a couple weeks after shutting down the plant because of higher corn prices and ethanol supplies.
The top executive of South Bend-based New Energy Corp. says the plant has been up for sale since last year and that the Chapter 11 bankruptcy filing could help in finding a buyer.
Company president Russ Abarr tells the South Bend Tribune that many ethanol companies are facing financial difficulties with this summer’s Midwestern drought and other factors.
New Energy laid off 40 employees this month when it indefinitely idled the plant just west of South Bend.
That plant opened in 1984 and can produce 100 million gallons of ethanol a year.