VeraSun's request for repayment catches corn suppliers off guard

09/6/2010 | Las Vegas Sun

Corn producers are expressing frustration at VeraSun Energy's demand to be repaid 80% of the money it paid for corn shipments in the 90 days before it filed for Chapter 11 bankruptcy protection in October 2008. VeraSun's settlement offer, which expires Sept. 30, has angered its former corn suppliers, many of whom had potentially lucrative contracts voided when the South Dakota-based ethanol company filed for bankruptcy, said Lisa Richardson, executive director of the South Dakota Corn Growers Association.

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