A recently reopened ethanol plant in Buffalo Lake, Minn., has closed again, and its top executives have been fired amid a bankruptcy fight.
Only 10 of Purified Renewable Energy's 23 employees remain on the job, the Star Tribune of Minneapolis reported, and the plant has only enough borrowed money for a few weeks.
The former Minnesota Energy plant was built in 1997. It was closed for 2.5 years but resumed production of corn ethanol in 2012 after a farmers' cooperative sold it to new investors. The reopened plant never hit its 25 million-gallon-a-year capacity and was disrupted by two fires in the fall of 2012, as well as financial struggles brought on by high corn prices.
Only 10 of Purified Renewable Energy's 23 employees remain on the job, the Star Tribune of Minneapolis reported, and the plant has only enough borrowed money for a few weeks.
The former Minnesota Energy plant was built in 1997. It was closed for 2.5 years but resumed production of corn ethanol in 2012 after a farmers' cooperative sold it to new investors. The reopened plant never hit its 25 million-gallon-a-year capacity and was disrupted by two fires in the fall of 2012, as well as financial struggles brought on by high corn prices.
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