Buffalo Lake ethanol plant shuts down again
MINNEAPOLIS — A recently reopened southern Minnesota ethanol plant has shut down again and its top executives have been fired amid a bitter bankruptcy fight.
Only 10 of Purified Renewable Energy's 23 employees remain on the job. And the Star Tribune of Minneapolis reports (http://bit.ly/12FilE6 ) the Buffalo Lake plant has just enough borrowed money for a few weeks.
The former Minnesota Energy plant was built in 1997 and is one of the smallest in the state. It was closed for 2 ½ years but resumed production of corn ethanol last year after a farmers cooperative sold it to new investors financed by a New York hedge fund.
The reopened plant never hit its 25 million-gallon-a-year capacity. Two fires last fall disrupted operations, and the entire ethanol industry has struggled with high corn prices.
Information from: Star Tribune, http://www.startribune.com