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WestLB forecloses GreenHunter Biofuels, restructures Pacific Ethanol
17 August 2010
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[greenhunter]
[westlb]
[pacific ethanol]
[biodiesel]
[biofuels]
WestLB has placed the GreenHunter Biofuels project into receivership after it defaulted on $37.7 million of debt. The move follows a series of extensions and amendments to the credit agreement, which was first signed in December 2007. Sponsor GreenHunter Energy was, however, unable to find a buyer for the plant, and the lender did not accept a restructuring plan that GreenHunter put forward for the project.
The original financing consisted of a $38.5 million term loan and $5 million working capital loan, priced at 400bp over Libor and...
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