Otter Tail Ag Enterprises presents emergence plan, reports results

By Caroline Salls

Pittsburgh, Jan. 19 - Otter Tail Ag Enterprises, LLC's chief executive officer Anthony Hicks gave a presentation to the company's members on its plan for emerging from bankruptcy, according to an 8-K filed with the Securities and Exchange Commission.

Specifically, Hicks said Otter Tail plans to raise $12 million of equity.

According to the presentation, the company will cancel old class A units and issue 24 million new units at $0.50 each.

Holders of class B units will receive equal rights.

The company posted a $15.46 million operating loss for the year ended Sept. 30 on $95.98 million in revenues.

The net loss for the year was $21.51 million.

However, Otter Tail reported $4.43 million of net income for the quarter ended Dec. 31 on $29.22 million in revenues, up from a $2.35 million net loss for the same period of 2008 on $25.53 million in revenues.

Otter Tail, a Fergus Falls, Minn., ethanol company, filed for bankruptcy on Oct. 30 in the U.S. Bankruptcy Court for the District of Minnesota. Its Chapter 11 case number is 09-61250.

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