Ethanol facility in Oregon to be auctioned off

09/30/2009 | Daily News (Longview, Wash.), The

The Cascade Grain ethanol facility near Clatskanie, Ore., will be put up for sale to pay off debts, said JH Kelly, a contractor that is among the firm's biggest creditors. The plant's owners sought Chapter 11 protection in January as it worked to reorganize the business, but they failed to secure loans worth $25 million as ordered by the bankruptcy court, said Doug Pahl, the company's lawyer. He estimated that the property could be sold for at least $15 million, but creditors are not likely to regain all their money through liquidation.

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Daily News (Longview, Wash.), The

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