Another US Ethanol Producer Files For Chapter 11
Another US ethanol producer has filed for chapter 11 bankruptcy protection in the US Bankruptcy Court for the Northern District of Texas.
Hereford Biofuels, a subsidiary of Panda Ethanol, who's major asset is a 105 million gallon ethanol facility still under construction in Hereford, Texas, filed for chapter 11 Friday.
Panda Ethanol said it is in negotiations with a buyer for the Hereford plant, and it hopes to complete a sale within 90 days.
Construction of the Hereford facility began in August 2006, but has been dogged by construction problems, culminating in Panda terminating Lurgi Inc. as its general contractor in September 2008.
Hereford Biofuels, a subsidiary of Panda Ethanol, who's major asset is a 105 million gallon ethanol facility still under construction in Hereford, Texas, filed for chapter 11 Friday.
Panda Ethanol said it is in negotiations with a buyer for the Hereford plant, and it hopes to complete a sale within 90 days.
Construction of the Hereford facility began in August 2006, but has been dogged by construction problems, culminating in Panda terminating Lurgi Inc. as its general contractor in September 2008.
