VeraSun Strikes $280M Deal With Valero

Law360, New York (February 6, 2009, 12:00 AM EST) -- Sputtering ethanol producer VeraSun Energy Corp. plans to sell five facilities to Valero Energy Corp. for $280 million and is looking to put its remaining 11 production plants up on the block.

VeraSun, the nation’s second largest ethanol producer, asked Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware to approve the bid procedures for Valero's purchase, envisioning the eventual sale of all 16 production facilities at auction by March 31.

Valero has agreed to acquire the VeraSun production facilities in...
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