Otter Tail's $62.5 million sale of ethanol manufacturing plant OK'd

By Lisa Kerner

Charlotte, N.C., Feb. 17 - Otter Tail Ag Enterprises, LLC's sale of its ethanol manufacturing plant to OTAV LLC for $62.5 million was approved, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Minnesota.

As previously reported, stalking horse bidder OTAV is a subsidiary of Green Plains Renewable Energy, Inc., North America's fourth-largest ethanol producer.

No other qualified bids were received by the Feb. 11 deadline so no auction was held on Feb. 16, the filing said.

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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