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Adams, NE | Had heard about this at least three months ago. Had heard that it was all four of their plants, though.
It is their per gallon cost structure that is killing them. They are operating with a debt of over $4/gallon. The newly acquire VeraSun plants are below (and some well below--zero) on debt. It is tough to compete against this.
Now the equity holders, the second lien holders and the unsecured creditors are going to take it on the chin in this deal.
Does anyone have experiences as an equity holder, second lien holder or an unsecured creditor in a Chapter 11 Bankruptcy situation? I'd love to know of someone that had a good experience in Chapter 11 BANKRUPTCY (other than the bank). | |
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Hawkeye Renewables files chapter 11
