White Energy To Pay $13M To End Spat With Creditor

Law360, New York (March 26, 2010, 1:26 PM EDT) -- Bankrupt ethanol producer White Energy Inc. has submitted an amended Chapter 11 plan that will pay out $3 million in cash and issue a $10 million note to creditor Fagen Inc. in order to settle objections the construction company had to an earlier plan.

The Fagen settlement was the biggest change to White Energy's second amended Chapter 11 reorganization, which the company filed Thursday in the U.S. District Court for the District of Delaware.

Fagen, a Granite Falls, Minn.-based company that specializes in engineering and construction...
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