Bionol Trustee Settles Claim Over $165M Construction Deal

Law360, Wilmington (October 17, 2013, 2:57 PM EDT) -- The Chapter 7 trustee for the estate of ethanol company Bionol Clearfield LLC asked a Delaware bankruptcy court Wednesday to approve a settlement with contractor Fagen Inc. over funds withheld from a $165 million design build agreement for a Pennsylvania ethanol plant.

Trustee Alfred T. Giuliano stated in court filings that after a mediation with Diane Welsh, a retired judge, the sides agreed that the cure amount afforded Fagen over retainage funds withheld after the plant was completed would be set at $1.1 million.

“In connection...
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