Societe General, lenders hire Competitive Power Ventures Holdings to mothball 115 Mgy Hereford Biofuels plant in Texas

In Texas, Competitive Power Ventures Holdings has been retained by Société Générale Group and a lender group to manage the 115 Mgy Hereford Biofuels ethanol plant in Hereford, acquired in bankruptcy from Panda Ethanol for $25 million. CVP will transition the plant to “mothball” status and liquidate physical commodity positions.

The original Hereford Ethanol plan was intended to utilize power from cow manure and , in turn, supply dried distillers grains to the cattle industry.

In April, 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 the Societe General syndicate.

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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