North Dakota PSC seeks to become VeraSun grain elevator trustee, aims to make producer payments

In North Dakota, the state Public Service Commission said that it will pursue a state-level insolvency case against VeraSun Energy with a goal of being appointed trustee of the company’s grain elevator facilities at Hankinson. The Commission said that it would pursue the case in order to determine how much producers are due from the bankrupt VeraSun, and to begin the process of making those payments to producers.

The state PSC normally seeks to become trustee of grain elevator operations when the storage facilioty is unable to make required payments to suppliers. The VeraSun plant has a $380,000 bond with Liberty Mutual Insurance, a state-required insurance that it paid out to suppliers against money owed. Liberty Mutual is the bond issuer.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Ethanol price drop may trigger North Dakota ethanol subsidies

A $3.7 million ethanol subsidy fund in North Dakota may be tapped if falling producer prices for ethanol go as low as $1.30 per gallon. Ethanol is trading at $1.70, down from nearly $2.50 a year ago. ...

USDA ready to make incentive payments for biomass aggregation

According to a report in Fresh Plaza, the USDA has announced that phase one of its Biomass Crop Assistance Program, in this phase relating to collection and delivery of wood waste, is now ready to mak...

POET confirms interest in 7 VeraSun Energy plants readying for auction; 600 Mgy up for grabs

In South Dakota, POET confirmed its interest in participating in an upcoming auction of seven ethanol plants by VeraSun Energy. The seven plants, representing 600 Mgy in capacity, were acquired by Ver...

Forbes names Iowa, North Dakota, Georgia, Mississippi and North Carolina leading states for biomass potential

Forbes Magazine named Iowa, North Dakota, Georgia. Mississippi and North Carolina the most important state sources of biomass. Iowa was cited as the leader in grain potential, North Dakota for switchg...

VeraSun Energy completes merger with US Bioenergy, creates largest US ethanol producer

In South Dakota, VeraSun Energy Corp. completed its merger with US BioEnergy, creating the largest ethanol producer in the United States. The $707 million deal creates a 16 plant portfolio consisting ...

VeraSun subsidiary buys 200 acres of land in South Dakota; VSE, town officials keep silent on plans

In South Dakota, a subsidiary of VeraSun Energy has purchased 200 acres southwest of Tilton for undisclosed purposes. Tilton city officials and VeraSun execs were tight lipped about plans for VeraSun ...