Liberty Renewable Fuels Ethanol Site in Michigan Faces Foreclosure

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Researched by Industrial Info Resources (Sugar Land, Texas)--A fuel ethanol project in Ithaca, Michigan, being developed by Investor-owned Liberty Renewable Fuels (Owosso, Michigan) has gone from being on hold to being faced with foreclosure. Under development since mid-2006, construction on the project began in late 2007, but there has been no construction activity at the site for more than two years.

Roughly $60 million has been invested into the multimillion-dollar project, and the 300-acre site with uncompleted buildings and plant infrastructure will be auctioned off in a sale that is scheduled for March 4, 2010.

Liberty's prime contractor, ICM Incorporated (Colwich, Kansas), awaits payment for more than $15 million the company is owed for engineering and construction work completed on the project. Developers of the plant are scrambling to obtain financing in order to take care of the mortgage and continue moving forward on the project. Time is running out.

The company's plans called for a 110 million-gallon-per-year fuel ethanol plant, which was to be one of the largest in the state. The plant was to consume more than 42 million bushels of corn annually, providing local farmers an alternative market for their corn.

If the company cannot come up with the funds to stop the foreclosure, the property will be sold or another company could come in and proceed with the project.

Industrial Info's Ethanol Database provides a comprehensive outline of all current development activities in the emerging alternative fuels market. This database covers 177 ethanol plants in operation and 530 plants under development. It also covers 145 operational biodiesel plants and 245 biodiesel plants under development.

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