Gateway Ethanol files for Chapter 11 bankruptcy

In Kansas, Gateway Ethanol filed for Chapter 11 reorganization, stating that it owed creditors between $50 and $100 million. Previously, Dougherty Funding had requested courts to establish an emergency receivership for Gateway after the ethanol producer defaulted on a $54.3 million loan intended to enable to company to commence production. The 55 Mgy Gateway Ethanol plant in Pratt shut down in February due to financial restructuring. The plant commenced operation in fall 2007. The owners had said in February that they expected to restart the plant following recapitalization.

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