December 09, 2010

Sale Of The Gateway Ethanol Plant Appears Near

There is an interesting article in the Pratt Tribune about the possible sale of the Gateway Ethanol plant in Pratt, Kansas.

A company is close to a point where they are expected to submit a definitive offer agreement for the Gateway Ethanol Plant.

A few elements of due diligence, less than 10, have to be completed but the company is expected to make an offer when that is done, said Ted Loomis, Gateway Ethanol chairman of the board.

“There are a couple of issues to work out but we hope they will make an offer,” Loomis said.

Because the company has not submitted an offer, Loomis was not at liberty to name the company but he said the company has just a few do diligence topics to clarify before they are expected to make an offer.

“I’m optimistic there will be a definitive agreement,” Loomis said.

The 55 million gallon per year Gateway Ethanol plant has been out of operation since February 2008 when a combination of financial problems and damage from an ice storm led the company to file bankruptcy.

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