ICM has been tapped by AgStar Financial Services to oversee plant operations and maintenance for the six plants it acquired as part of the VeraSun Energy bankruptcy. AgStar is not allowed to operate the plants due to federal regulations. The Company plans on selling the plants, located in Iowa, Nebraska, Minnesota, North Dakota, and Michigan to other buyers over the next 2 months. AgStar had originally financed seven VeraSun plants but one was purchased by Valero Energy.
Paul DeBriyn, President and CEO of AgStar, which is headquartered in Mankato, Minnesota, was quoted in The Wichita Eagle as saying, “Our objective in retaining ICM is to maintain a positive environment ensuring all the plants are kept in top condition.”
Company sources says there is buyer interest in the ethanol facilities.