Central Illinois Energy sold

By | June 02, 2008
The sale of Central Illinois Energy Co-op Inc., an ethanol plant under construction in Canton, Ill., was completed when the plant was bought out of bankruptcy by some of its original creditors, including Credit Suisse. The bank was one of the original lenders of the $90 million loan for the plant's construction. The plant's name has been changed to Riverland Biofuels LLC, and hiring has begun to finish the project in late 2008 or early 2009. The plant filed for bankruptcy in December 2007 after contractors began leaving the job site and construction costs skyrocketed to $130 million.