VeraSun closes on sale of five production facilities, one development site

By Caroline Salls

Pittsburgh, April 1 - VeraSun Energy Corp. closed on the sale of assets to Valero Energy Corp. subsidiary Valero Renewable Fuels that included five ethanol production facilities and a development site, according to a company news release.

The facilities that were sold are located in Aurora, S.D.; Fort Dodge, Charles City, and Hartley, Iowa; and Welcome, Minn., and the development site is in Reynolds, Ind.

As previously reported, Valero purchased the ethanol production facilities in Aurora, Fort Dodge, Charles City, Hartley and Welcome, as well as the Reynolds site, for $350 million.

VeraSun said Valero also successfully bid $72 million for the company's Albert City facility and $55 million for its Albion facility, and closing on those sales is expected in the coming weeks.

The company said it also expects to close on the sale of its remaining facilities in the next several weeks.

VeraSun, based in Brookings, S.D., produces renewable fuel. The company filed for bankruptcy on Oct. 31 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-12606.

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