FUEL, LLC files for Chapter 11 Bankruptcy protection - WALB.com, Albany News, Weather, Sports

FUEL, LLC files for Chapter 11 Bankruptcy protection

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By Jennifer Emert - bio | email

ALBANY, GA (WALB) -  Mitchell County's First United Ethanol plant has filed for Chapter 11 Bankruptcy.

We reported earlier this week that the plant was in danger of defaulting on $115,000,000 worth of loans. Wednesday, the company said it will continue normal business operations while reorganizing. The plant will still produce ethanol while it works out a plan to restructure its debt and pay creditors.

The company does not expect to scale back purchases for corn. The plant grinds 36 million bushels of corn a year and ships out 200 ethanol trucks a week. FUEL, LLC sites a lack of working capital and decreased prices as a cause for the bankruptcy.


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