New Energy Ethanol Plant in Indiana to be Sold for Scrap

SUGAR LAND--May 3, 2013--Researched by Industrial Info Resources (Sugar Land, Texas)--New Energy Corporation (South Bend, Indiana) filed for bankruptcy in November of last year, just weeks after idling its fuel ethanol plant in South Bend, Indiana. The company cited drought, a weaker corn harvest, higher corn prices, high ethanol supply, low ethanol pricing and low gasoline demand as leading factors in the plant's demise. Buyers who placed a winning $2.5 million bid at a bankruptcy auction plan to sell the plant for scrap.