October 25, 2010
Thomas Stalnaker, Trustee of Tri State Financial, LLC, announces the Sealed Bid Auction of the North Country Ethanol Plant in Rosholt, SD. The bids are due by 5:00 pm February 1, 2011.
In 2008, the ethanol industry saw significant distress and Tri State Financial, LLC dba North Country Ethanol was not exempt. There have been several well-publicized bankruptcies and sales over the past 18 months. North Country Ethanol was able to operate for the past 12 months through the cooperation of the bank group, Tenaska Biofuels (TBF), Flag Leaf Financial Management Inc. and Innovated Concepts of Ethanol (ICE). Continued operation is planned through the transaction closing with the successful bidder. The renewable fuels industry has seen both the best and worst of times.
The 25mmgy plant is an important market for local corn production in the Tri State region. It also provides jobs for approximately 30 people.