$200 million Texas ethanol plant sold for $25 million to creditor; future of Panda Ethanol plant in question

In Texas, the U.S. Bankruptcy Court for the Northern District of Texas approved the sale of the Panda Ethanol plant at Hereford ethanol plant for $25 million in credit to a lending syndicate led by Societe Generale.

The largest cash bid was $15 million from Ethanol Europe for the 100 Mgy plant, which was originally constructed for $200 million with a goal of utilizing 500,000 tons of cattle manure into fuel for the steam boilers. Societe Generale did not disclose plans for the plant, which is resolving disputes with Lurgi,Banco Bilboa and Greenstone regarding funding and construction issues.

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