Sunday April 19, 2009
Another Ethanol Producer Goes Bust
Robert Bryce
Counterpunch
The recurring lesson emerging from the corn ethanol scam is this: too many mandates and subsidies are probably worse than none at all. Evidence of that can be found by looking at Aventine Renewable Energy Holdings, the Illinois-based ethanol producer. Last week, the company filed for Chapter 11 bankruptcy, saying it had $799.5 million in assets and nearly $491 million in debts.
Aventine, which has production capacity of 207 million gallons of ethanol per year, operates plants in Illinois and Nebraska. And Aventine’s bankruptcy won’t be the last in the ethanol sector.
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