VeraSun Gets Interim Approval For DIP Loan

Law360, New York (November 3, 2008, 12:00 AM EST) -- Ethanol producer VeraSun Energy Corp. got a green light from the court overseeing its bankruptcy proceedings to tap into as much as $40 million in financing on Monday, moving a step closer to obtaining a DIP package of around $250 million.

“The facilities that were approved today, coupled with facilities that the company anticipates obtaining in the next few days, are expected to exceed $250 million,” Tim Pohl, an attorney representing VeraSun Energy in bankruptcy court, said Monday.

VeraSun Energy's bad bets on corn prices contributed...
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