Ethanol plant's future in question - WALB.com, Albany News, Weather, Sports

Ethanol plant's future in question

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Smack down on Cancer at the State Theater

    Smack down on Cancer at the State Theater

    Saturday, April 19 2014 11:54 PM EDT2014-04-20 03:54:50 GMT
    Wrestlers from all over Georgia and Florida were in town for the Smack Down on Cancer Event at the state theater. More >>
    Wrestlers from all over Georgia and Florida were in town for the Smack Down on Cancer Event at the state theater. More >>
  • Americus student honored in statewide design contest

    Americus student honored in statewide design contest

    Saturday, April 19 2014 7:59 PM EDT2014-04-19 23:59:05 GMT
    Indira Zelaya, a fourth grader from Sarah Cobb Elementary School in Americus, was honored in Atlanta recently for her artwork supporting Georgia's manufacturing industry.  She was nominated by South GeorgiaMore >>
    Indira Zelaya, a fourth grader from Sarah Cobb Elementary School in Americus, was honored in Atlanta recently for her artwork supporting Georgia's manufacturing industry.  She was nominated by South Georgia Technical College.More >>
  • Swimming pool destroyed after storm

    Swimming pool destroyed after storm

    Saturday, April 19 2014 7:32 PM EDT2014-04-19 23:32:11 GMT
    An Albany man arrived home to find his pool completely destroyed. He's not sure what happened, but the wall caved in and the concrete cracked. He says he's had the siding redone several times.More >>
    An Albany man arrived home to find his pool completely destroyed. He's not sure what happened, but the wall caved in and the concrete cracked. More >>

By Ben Roberts - bio | email

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.


Copyright 2011 WALB.  All rights reserved.   Feedback

 

Powered by WorldNow