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US judge to rule on N. Ind. ethanol plant sale
Updated: Thursday, 21 Mar 2013, 4:51 PM CDT
Published : Thursday, 21 Mar 2013, 4:51 PM CDT
SOUTH BEND, Ind. (AP) — A federal judge says he will decide by Monday whether to void the bankruptcy sale of the state's oldest ethanol plant in South Bend and allow another auction to proceed.
WSBT-TV reports (http://bit.ly/Xt2hjD ) U.S. District Judge Robert Miller listened Thursday to arguments about what should be done about the ethanol plant.
A joint venture bought the New Energy Corp. plant at auction in January for $2.5 million. Court documents say the sale was finalized Monday. One company has the rights to the real estate and the other owns the plant's equipment.
But Houston-based Natural Chem is asking Miller to reverse the bankruptcy sale and order a second auction because it claims the new owners bought it illegally. Another bidder also is interested in buying the plant.
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Information from: WSBT-TV, http://www.wsbt.com/
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