美國最大乙醇燃料製造商VeraSun宣佈聲請破產保護，但在進行財務重整期間，借款銀行與審理破產案的法官允許該公司繼續營運。
總部位於南達科塔州蘇瀑市（Sioux Falls）的VeraSun能源公司與旗下24間子公司，依聯邦破產法第11章，向德拉瓦州破產法庭聲請破產保護，以增加重整期間的資金流動性。
10月30日提出申請後，VeraSun總裁恩德瑞斯（Don Endres）隨即表示，「本日的破產申請可幫助本公司面對短期的流動性資金緊縮，以度過極為嚴峻的市場狀況，同時也致力重新打造公司未來的長遠發展。」
該公司於本年度第3季受到玉米價格驟漲的衝擊。恩德瑞斯指出，信貸市場由第3季初開始惡化，信貸緊縮的狀況，「也讓本公司的流動性資金受到嚴重限制」。
在破產案聽證會上，恩德瑞斯表示VeraSun計畫維持正常營運。公司希望繼續向客戶供應產品，滿足顧客的一切需求。
該公司的原物料採購量預計不會有所減少，根據破產法規定，在申請提出日之後，VeraSun仍將全額支付玉米與其他供應商的貨款與服務款項。
破產申請法庭暫時裁定VeraSun與相關企業可向原本的借款銀行進行貸款，上限為4千萬美元，並准許該公司以現金擔保方式繼續營運。
VeraSun的主管也表示，已經與該公司的債權人，包括2012年到期的優先支付擔保證券（senior secured notes）持有人、AgStar金融公司與其他借款銀行達成協議，預期將透過「債務人持有資產（debtor in possession）」方式，獲得共2億5千萬美元的融資承諾。
法官薛農（Brendan Shannon）也核准VeraSun的緊急請款，發放已到期的員工薪資、支付供應商在破產申請後的貨款與服務費用，以及10月11日起應交付的貨物款項（上限為2千萬美元），與其他應急所需。
VeraSun能源公司於2001年成立，在8個州擁有共16座工廠，其中一座仍在興建中。
VeraSun原本計畫在今年底達到乙醇年產量約16.4億噸，以及酒粕（distiller grains）產量500萬噸的目標。酒粕是穀物發酵蒸餾後渣滓風乾所得的副產品，通常作為家畜飼料販賣。
VeraSun也行銷E85乙醇，即彈性燃油車輛（Flexible Fuel Vehicles）使用的85%乙醇與15%汽油的混合燃料，以VE85®品牌直接供應給燃料經銷商。
One of the nation's largest ethanol producers has filed for bankruptcy, but its creditors and the bankruptcy judge are allowing the company to stay in business while it reorganizes.
VeraSun Energy Corporation of Sioux Falls, South Dakota, and 24 of its subsidiaries filed for relief under chapter 11 of the U.S. Bankruptcy Code in a Delaware bankruptcy court "to enhance liquidity" while they reorganize.
"Today's filing allows VeraSun to address its short-term liquidity constraints as we navigate historically challenging market conditions while we focus on restructuring to address the company's long-term future," Don Endres CEO said immediately after the filing on Friday.
In the third quarter of this year, the company was hit with a sharp spike in its corn costs. Beginning in the third quarter, worsening capital market conditions and a tightening of trade credit "resulted in severe constraints on the company's liquidity position," he said.
During the chapter 11 proceedings, VeraSun plans to resume normal operations, said Endres. The company intends to continue to supply product to its customers and to fulfill all customer obligations.
The company expects that it will not scale back its purchases of raw materials, and corn and other suppliers will continue to be paid in full for all goods and services furnished after the filing date as required by the Bankruptcy Code.
The Bankruptcy Court entered an interim order allowing VeraSun and its affiliates to borrow up to $40 million from these lenders and authorized the use of cash collateral to enable VeraSun to operate its business.
VeraSun is also in negotiations with its other lenders and expects to receive, when combined with commitments received from the 2012 noteholders and AgStar lenders, aggregate debtor in possession financing commitments totaling $250 million, company officials said.
Judge Shannon also granted VeraSun's emergency request to pay outstanding employee checks, to pay suppliers for postpetition goods and services and up to $20 million for goods delivered on or after October 11, 2008, and for other emergency relief.
Founded in 2001, the company has 16 production facilities in eight states, of which one is still under construction.
VeraSun Energy is scheduled to have an annual production capacity of approximately 1.64 billion gallons of ethanol and more than five million tons of distillers grains by the end of 2008. Distillers grains is a cereal byproduct of the distillation process created by drying mash. It is usually sold as fodder for livestock.
VeraSun also markets E85, a blend of 85 percent ethanol and 15 percent gasoline for use in Flexible Fuel Vehicles, directly to fuel retailers under the brand VE85®.
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