VeraSun Catches $110M Lifeline

Law360, New York (January 16, 2009, 12:00 AM EST) -- Running on fumes, VeraSun Energy Corp. got approval Thursday from the bankruptcy court to access an additional $110 million in debtor-in-possession financing that requires the beleaguered ethanol producer to sell seven production facilities by April.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware signed off on seven separate orders providing lifeline financing for the seven facilities, in spite of objections from the committee of unsecured creditors that the sale timetable was too ambitious.

Citing VeraSun’s “immediate and critical need” for...
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