VeraSun Energy Delays Startup of Janesville, MN, Ethanol Biorefinery
Nov 4, 2008 – VeraSun Energy Corp [NYSE: VSE], a largest ethanol producer, announced that it is indefinitely delaying the startup of its 110 million gallon per year ethanol biorefinery in Janesville, MN. VeraSun will continue operations at its 14 facilities across an 8-state region. This is not particularly surprising as VeraSun filed for Chapter 11 bankruptcy Oct 31 [see earlier post]. The secured lender of the plant has not provided the necessary financing to continue construction and startup activities. Efforts to secure financing for Janesville are underway as construction on the Janesville facility is nearly completed and the plant was scheduled to begin operations prior to the end of the year. Most of the 53 employees will be furloughed immediately.
