Renew Energy to Learn Fate Soon

renew_energyWisconsin based Renew Energy will either be finding a buyer or closing within just a few weeks. The Jefferson, Wisconsin plant currently produces about 210,000 of ethanol and employs 70. Renew noted that they are striving to sell the plant in hopes that a new buyer will keep the current employees.

According to the Wisconsin Ag Connection, Renew filed for Chapter 11 bankrupcy in February and at that time owned its creditors over $100 and was directly tied to the financial failures of Olsen’s Mill, which has since been forced into receivership. The grain handling company borrowed millions of dollars to help finance the construction and operation of the ethanol plant and wasn’t able to pay back its creditors because of the slowdown in the ethanol industry. Olsen’s also handled all the corn purchasing agreements for Renew Energy.

Renew Energy converted the former Cargill Malt in Jefferson, the largest malting plant in the world.

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