Nebraska Biodiesel Plant Gets New Life

John Davis

beatricebiodiesel.jpgA Nebraska biodiesel plant that was under construction up until the middle of February, just weeks short of its completion, looks like it will be completed.

The Beatrice Biodiesel Plant will finally be finished after parent company U.S. Canadian Biofuels secured new financing for the plant, according to this article in the Beatrice Daily Sun:

cummins1.jpgBud Cummins, U.S. Canadian Biofuels CEO, said Monday a recent agreement with Home Federal Savings Bank, which issued the construction loan for Beatrice Biodiesel, will allow Beatrice Biodiesel to liquidate certain collateral currently securing the loan to provide a cash pool to complete the core construction at the plant.

“This is good news for our creditors,” Cummins said. “It is generally believed that most buyers are going to want to see the construction completed before they commit to buying the plant.”

The article goes on to say that U.S. Canadian Biofuels will sell the plant after it is finished to help satisfy liens against it… however, it doesn’t mention how soon it could be actually cranking out biodiesel.