Ethanol Plants. $75 million sales. $140 million debt. 3 plants in 3 states and 3 intertwined Chapter 11 cases.
- Unfinished Idaho plant with numerous mechanics’ liens.
- Protect profitable Wyoming plant and marketing distribution business while maintaining corn supply and customer base.
- Three bank group at odds with each other including separate counsel, all adversarial to London owners.
- Complexity of absent UK owners in a small Wyoming Bankruptcy Court filled with New York attorneys representing the stakeholders.
- 1st day Motion on consensual DIP financing finally approved after 60 days.
- MorrisAnderson engaged as Chief Restructuring Officer to manage the bankruptcy process.
- Increased good ethanol yield at Wyoming plant with introduction of chlorine to mitigate infection issues.
- Renegotiated critical corn contracts.
- Terminated UK management and their excess /no value costs.
- Cost reductions on rent and accounting services.
- Profitable Wyoming plant and marketing distribution business with confirmed Plan of Reorganization, saving 50 jobs.
- Three bank group now new owners of profitable business.
- One of few ethanol businesses emerging profitably from Bankruptcy.
- Idaho plant assets transferred to mechanics’ lien holders.