Advanced BioEnergy defaults on $10 million loan; considering sale or merger

In South Dakota, Advanced BioEnergy has defaulted on $10 million in loans, and is considering the sale or merger of the company. The company signed a $118 million financing deal in late 2007 with West LB AG and Wells Fargo to refinance the company’s existing debt, provide construction funds for  expansion of the company’s Heartland Grain Fuels plant in Aberdeen,, plus working capital. The company acquired Heartlands Grain Fuels in 2007 after completing acquisition of Indiana Renewable Fuels in 2006.

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