Vireol Bio Energy sinking in debt after selling off ethanol plant to Green Plains

In Virginia, Vireol Bio Energy—the company that once owned the ethanol plant in Hopewell but was sold to Green Plains in October after being mothballed for a year—has filed for bankruptcy and still owes more than $7 million to companies around the region but now has only $750,000 in assets to liquidate in order to pay its bad debts, including $1 million to the City of Hopewell. Much of those assets however are accounts receivable. The City expects to eventually be paid the back taxes, as was done when a former owner bought the facility from the owner before it, and is happy to see that Green Plains has restarted the facility and hired back many of the former employees.