Pine Lake Corn Processors (www.pinelakecorn.com), an ethanol producer in Steamboat Rock, IA, filed for bankruptcy, according to a report by the Des Moines Register (www.desmoinesregister.com). Pine Lake, which opened three years ago and shut down operations on Dec. 1, is the second Iowa-based ethanol plant to file for bankruptcy.
The plant, which has approximately 400 investors, owes $9.4 million in unsecured credit to Prairie Land Cooperative of Hubbard. Other unsecured creditors include the Iowa Department of Economic Development for a $140,000 loan and Hardin County for $834,166 for a tax increment financing agreement.
VeraSun Energy, which operates three ethanol plants in Iowa and has shut down two others, filed for bankruptcy Oct. 31.
To read the Des Moines Register”s full report on this story, click here.
