NE Ethanol Company To Acquire Plant In MN

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(credit: Germain Moyon/AFP/Getty Images)

(credit: Germain Moyon/AFP/Getty Images)

OMAHA, Neb. (AP) — An Omaha-based company says a bankruptcy court has accepted its bid to acquire an ethanol plant from Otter Tail Ag Enterprises near Fergus Falls, Minn.

Green Plains Renewable Energy Inc. says Thursday the addition of the plant, which has a capacity of 55 million gallons, brings its total production capacity to about 715 million gallons a year.

Green Plains says in a statement that it will finance the $55 million acquisition with cash and financing from a group of nine lenders. The company expects to complete the deal in March.

Green Plains says it is North America’s fourth largest ethanol producer, with 8 plants in Indiana, Iowa, Michigan, Nebraska and Tennessee.

Otter Tail Ag Enterprises, based in Fergus Falls, filed for Chapter 11 bankruptcy protection in October 2009.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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