Primary lender takes over idled N.C. ethanol plant

09/6/2011 |

Cape Fear Farm Credit, the primary creditor of the idled Clean Burn Fuels ethanol plant in Raeford, N.C., has taken control of the facility after submitting the only bid -- of $34.5 million -- for the plant during a foreclosure sale on Aug. 24. The facility's complexity and high cost may have deterred other potential buyers from participating in the auction, said Cape Fear Farm Credit CEO Michael Jackson. The company is planning to complete the repairs needed to restart the plant while also looking for potential buyers, Jackson said.

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