VeraSun Receives Final Bankruptcy Approval

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VeraSun Receives Final Bankruptcy Approval

12/07/2008
SIOUX FALLS, S.D. -- The U.S. Bankruptcy Court granted final approval to VeraSun Energy Corp. for debtor-in-possession (DIP) financing totaling $196.6 million, which includes $93.6 million of incremental financing, $25 million of which was previously loaned to the company on an interim basis, to be provided by certain holders of VeraSun's senior secured notes due 2012.

The incremental financing will be available, subject to certain conditions, to fund operations at ethanol production facilities in Aurora, South Dakota and Fort Dodge, Charles City, and Hartley, Iowa. It will also be to maintain the idled Welcome, Minnesota facility.