Otter Tail Ag Enterprises seeks access to cash through Aug. 31

By Caroline Salls

Pittsburgh, May 19 - Otter Tail Ag Enterprises, LLC requested court approval to continue using the cash collateral of lenders AgStar Financial Services and MMCDC New Markets Fund II, LLC through Aug. 31, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Minnesota.

The company said it needs continued use of the cash collateral to fund its operations while still in bankruptcy.

Specifically, the cash will be used to pay wages and pay commodity suppliers, utility providers and vendors.

A hearing is scheduled for May 26.

Otter Tail, a Fergus Falls, Minn., ethanol company, filed for bankruptcy on Oct. 30, 2009. Its Chapter 11 case number is 09-61250.

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