Steamboat Rock ethanol plant likely emerges from bankruptcy

A formerly idled ethanol plant in Steamboat Rock will likely emerge from bankruptcy this week with a new owner.

A bankruptcy judge will decide Friday whether to turn Pine Lake Corn Processors over to a new partnership.

Pine Lake has about $12 million in outstanding debt after it locked into high-priced corn in summer 2008, then watched ethanol prices tumble.

The plant filed for bankruptcy in December 2008, and went idle for a month.

Pine Lake employs more than 30 people and uses about 12 million bushels of corn to make about 30 million gallons of ethanol a year.

source: desmoinesregister