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VeraSun pursuing deal with potential buyer

Agriculture.com Staff 11/25/2008 @ 2:41pm

A buyer may be waiting in the wings for troubled ethanol giant VeraSun Energy Corporation.

VeraSun officials on Monday announced that the company recently received a non-binding unsolicited indication of interest with respect to the purchase of substantially all of its assets, according to a company report.

Officials with VeraSun say the company "intends to pursue this indication of interest to its conclusion and evaluate other proposals it may receive in accordance with its obligations as a debtor in possession under chapter 11 of the Bankruptcy Code."

"The indication of interest received by the company is subject to significant conditions, and there can be no assurance that it will result in the consummation of a transaction, that the company will receive any other offers or indications of interest, that the company will be able to complete any alternative transaction or that any transaction or transactions would generate proceeds sufficient to satisfy the claims of all of the company's stakeholders," according to a VeraSun report this week.

Due to confidentiality considerations, officials say the identity of the third party and the terms of its indication of interest were not disclosed.

A buyer may be waiting in the wings for troubled ethanol giant VeraSun Energy Corporation.

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