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November 1, 2008 | Bloomberg News
VeraSun Energy Corp., the second-largest U.S. ethanol producer, filed for bankruptcy protection after making bad hedging bets on corn, a raw material used to make the fuel. The petition for Chapter 11 bankruptcy in Wilmington, Del., listed both assets and debt of more than $1 billion. The Sioux Falls, S.D.-based producer and seller of ethanol, which was formed in 2001, has 16 production facilities in eight states and an annual capacity of about 1.
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BUSINESS
November 1, 2008 | Bloomberg News
VeraSun Energy Corp., the second-largest U.S. ethanol producer, filed for bankruptcy protection after making bad hedging bets on corn, a raw material used to make the fuel. The petition for Chapter 11 bankruptcy in Wilmington, Del., listed both assets and debt of more than $1 billion. The Sioux Falls, S.D.-based producer and seller of ethanol, which was formed in 2001, has 16 production facilities in eight states and an annual capacity of about 1.
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BUSINESS
February 9, 2006 | From Bloomberg News
General Motors Corp. and Ford Motor Co. said Wednesday that they would join with energy companies to promote the use of ethanol as an alternative to gasoline in Illinois and Missouri. GM will team with Shell Oil Products U.S. and VeraSun Energy Corp. to add 26 ethanol fuel stations in the Chicago area. Ford and VeraSun will convert 40 gasoline pumps in Illinois and Missouri to dispense E85, a mixture of 85% ethanol, which is made from crops such as corn, and 15% gasoline.
BUSINESS
November 14, 2006 | From Bloomberg News
The U.S. could triple the amount of energy produced from renewable sources by 2025 to 18% from the present 6% with little effect on total energy costs, a Rand Corp. study found. Under the best-case scenario, boosting the use of corn-based ethanol, hydroelectric power and other renewables to 18% could reduce overall spending on energy by 3%, or $40 billion, according to the study, which was released Monday. In the worst case, energy costs would jump by 6%, or $75 billion.
BUSINESS
November 5, 2005 | From Associated Press
Ford Motor Co. said Friday that it was teaming up with an energy company to increase the number of ethanol fuel stations in the U.S. next year. Ford said it would work with Brookings, S.D.-based VeraSun Energy Corp. to covert existing fuel pumps to E85, an alternative fuel made from a blend of 85% ethanol and 15% gasoline. Ford spokeswoman Chris Morrisroe said the automaker would announce the number of stations and their locations later.
BUSINESS
June 16, 2006 | From Times Wire Services
Four initial public stock offerings got a mixed reception from investors Thursday, despite the tailwind of the day's big market rally. The performance of the shares suggested that investors remained leery of taking a chance on higher-risk securities after Wall Street's steep fall in recent weeks, analysts said. The initial public offerings of Golfsmith International Holdings Inc., Volcano Corp. and Synchronoss Technologies Inc. got off to a bad start Wednesday, when the deals were priced.
BUSINESS
June 14, 2007 | From the Associated Press
In the 2 1/2 years since Gordon Ommen co-founded US BioEnergy Corp., the company has quietly grown into one of the country's top ethanol producers, with plans to double in size this year and grow its capacity to 1 billion gallons a year by 2009. But Ommen knows there are challenges ahead for both his company and the rapidly growing ethanol industry.
BUSINESS
June 27, 2006 | From Bloomberg News
Casual-clothing retailer J. Crew Group Inc. leads a $1.3-billion wave of nine initial public offerings this week that may decide whether last week's 11 cancellations marked the start of a slump or just a hiccup for the busiest IPO market since 2000. "The summer is going to be an important test," said Larry Wieseneck, co-head of global finance at Lehman Bros. Holdings Inc.
BUSINESS
April 10, 2009 | Joshua Boak
. -- A smooth road curves toward the hulking ethanol mill that One Earth Energy will open in June. But the path to profitability might be rocky, as the fledgling company could face much larger rivals that have snapped up bankrupt mills at steep discounts. Valero Energy Corp., the country's largest oil refiner, broke into the farm-grown business last month, buying seven ethanol mills and a development site from bankrupt VeraSun Energy Corp. at a 70% markdown.
BUSINESS
November 21, 2009 | By Martin Zimmerman
Will investors get charged up over a stock offering by California electric-car maker Tesla Motors Inc.? The answer to that question may be coming soon. The company plans to file for an initial public stock offering in the near future, Reuters reported Friday, citing people familiar with the Bay Area firm's plans. A spokeswoman for Tesla declined to comment on the report. An IPO by Tesla would be the first among the crop of electric-car companies that has sprung up in recent years as Americans have sought relief from skyrocketing oil prices.
BUSINESS
April 1, 2008 | Elizabeth Douglass, Times Staff Writer
Pacific Ethanol Inc., a California biofuels darling that boasts political connections and an investment from Bill Gates, is short on cash and suffering from higher corn and plant construction costs, which threaten to derail the once-promising biofuels maker. The Sacramento company on Monday posted record-high sales but a larger-than-expected $14.7-million loss in the fourth quarter, reflecting a financial squeeze that has clouded prospects for ethanol producers nationwide.
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