Sunoco $8.5M Bid For Northeast Biofuels Plant OK'd

Law360, New York (May 20, 2009, 12:00 AM EDT) -- The bankruptcy judge overseeing the Chapter 11 proceedings of ethanol production startup Northeast Biofuels LP has approved Sunoco Inc.'s $8.5 million offer to buy a partially completed ethanol plant whose delayed construction forced the debtors to file for bankruptcy in January.

Judge Margaret M. Cangilos-Ruiz of the U.S. Bankruptcy Court for the Northern District of New York approved the deal after Sunoco made the offer to buy the plant, located about 25 miles northwest of Syracuse, N.Y., at an auction held Tuesday, according to Marc E....
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