Friday, March 14, 2008

Judge Won't Rule on Canton Ethanol Plan

The Canton ethanol plant is still in limbo:

A federal bankruptcy judge won’t rule on the value of contracts farmers signed to provide corn to the now-bankrupt Central Illinois Energy.

The unfinished ethanol plant outside Canton is being bought by Credit Suisse, the bank that financed a majority of the project and has made an $80 million credit bid.

The shareholders who invested in the project have lost all their money. Most of those investors were farmers who agreed to contribute both corn and money.

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