Biofuel Energy confirms notification of lenders selling plants to GPRE

November 26, 2013 |

In Colorado, Biofuel Energy Corp. confirmed that is has been notified by the lenders under its existing senior secured credit facility that they have exercised their right under their Deed In Lieu of Foreclosure Agreement to acquire the company’s ethanol plants.  It was also informed that an entity formed by the lenders for such purpose has completed the previously announced sale of those plants to Green Plains Renewable Energy, Inc. (“Green Plains”). The Company has not been provided with a copy of the lenders’ definitive agreement with Green Plains.  Under the terms of the Deed in Lieu, the lenders were to extinguish all of the amounts due under the credit facility, which as of September 30, 2013 totaled $177 million in principal and interest, and were to assume or satisfy substantially all of the remaining liabilities of the Company’s subsidiaries that were parties to the credit agreement.

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Category: Producer News

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