Monday, November 03, 2008

Verasun Files for Bankruptcy Protection

Verasun has filed for Chapter 11 bankruptcy.

The VeraSun Energy Corporation, which accounts for roughly 7 percent of ethanol production capacity in the United States, announced that it had filed for Chapter 11 bankruptcy protection late Friday.
Shares in VeraSun were trading for pennies in anticipation of the move, which, the company said in a statement, was “precipitated by a series of events that led to a contraction in VeraSun’s liquidity, impairing its ability to operate its business and invest in production facilities.”

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