Northeast Biofuels bid procedures approved

By Caroline Salls

Pittsburgh, March 24 - Northeast Biofuels, LP has obtained court approval to conduct an auction in connection with the proposed sale of its assets, according to a company news release.

"The plant's location offers a unique opportunity to capitalize on the growing demand for ethanol in the northeastern U.S. and Canada," chief executive officer Brian Roach said in the release.

Initial bids must be submitted by 5 p.m. ET on April 21, and all bids must include a 10% deposit toward the proposed purchase price.

The auction will be held April 23, and the sale hearing is scheduled for April 29.

No stalking horse bidder has been selected, but the company's lenders do have the right to credit bid at auction, according to the bid procedures order.

Northeast Biofuels filed for bankruptcy on Jan. 14 in the U.S. Bankruptcy Court for the Northern District of New York. Its Chapter 11 case number is 09-30057.

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