Cargill picks up unfinished 110 Mgy Altra ethanol plant in Nebraska in auction

In Nebraska, Cargill won the auction for the assets of the as-yet uncompleted 110 Mgy Altra Nebraska ethanol facility in Carleton.

According to a Cargill statement, construction on the Altra facility began in 2006 and was approximately half complete in November 2007 when work stopped after its owners were unable to secure additional financing. Cargill will take possession of the assets effective Nov. 4, 2009. The facility is located on the outskirts of Carleton in Thayer County and one-half mile from the existing Cargill AgHorizons grain handling facility. According to Robert Racek, regional Farm Service Group leader for Cargill AgHorizons, the new asset will complement Cargill’s existing grain handling capabilities.

Price of the sale has not been released.  Altra filed for bankruptcy in August 2009, citing more than $86 million in liabilities and assets of between $10 and $50 million.

The $220 million Altra Nebraska project was commenced in 2006 but foundered over financing problems.

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