MITCHELL COUNTY, GA (WALB) – According to a filing with the Securities and Exchange Commission, Mitchell County's First United Ethanol Plant is out of compliance with the terms of two loans that helped get the company of the ground. Those loans are worth $100 million for construction and $15 million for working capital.
FUEL is out of compliance because a recent audit raised questions about whether the plant can stay in business. The plant lost money in the last fiscal year, but the losses were much smaller than the previous year.
No one at FUEL could comment because the company is in the process of shifting from public to private. During that process, the S.E.C. prohibits company representatives from talking to the media.
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