US Biofuels Maker Pledges Plants Against Debt Held by BlackRock
Steam rises from a stack outside an ethanol biorefinery in Gowrie, Iowa.
Photographer: Daniel Acker/BloombergTroubled biofuels maker Green Plains Inc. has pledged the bulk of its ethanol plants as collateral to funds managed by BlackRock Inc. in exchange for more time to repay nearly $128 million in debt.
The Omaha, Nebraska-based company extended the payment deadline of its so-called junior mezzanine notes, held by BlackRock funds, for a second time. The delay has come at a price: nine of its 10 ethanol plants are now pledged against the debt, according to regulatory filings.