Noble sells South Bend Ethanol in “fire sale”

In Indiana, Zeeland Farm Services has agreed to buy Noble Americas South Bend Ethanol for $12.5 million against a book value of $80.4 million. The purchase price excludes $900,000 in working capital and $3.6 million of “inventory value,” bringing the total deal to $17 million. Noble is selling off assets in a “fire sale” to help pay down $3.5 billion in debt, $1.5 billion of which has to be paid by May. The company’s stock value has fallen 90% this year, making it hard for it to secure the sale of $1 billion in assets as it hoped to do.