Maas Companies to Auction 5 MGY Tri-City Energy Biodiesel Refinery

Maas Companies of Rochester, MN is set to auction the 5 million gallon per year (MGY) Tri-City Energy Biodiesel Refinery in Keokuk, Iowa, at 10 a.m. on Wednesday, December 16, 2009. The refinery, which began production in 2006 using soybean oil as its primary feedstock, has been unable to recover from defaulting on its mortgage. Despite reported plans to be purchased by an overseas entity, the court-ordered auction is moving forward, offering buyers the option to purchase the plant's equipment, real estate, or lab facilities independently.

Key Takeaways:

• The Tri-City Energy Biodiesel Refinery, founded in 2006, is a 5 MGY plant that uses soybean oil as its primary feedstock.
• The refinery has been in default since its mortgage was not repaid, leading to a court-ordered auction.
• The auction will include the option to purchase the refinery's equipment, real estate, and lab facilities independently.
• The sale is being conducted in conjunction with the Iowa District Court in and for Lee County.
• Maas Companies, an experienced marketing firm, is facilitating the auction with support from the court.

Statistics:

• 5 MGY: The capacity of the Tri-City Energy Biodiesel Refinery.
• 2006: The year the refinery began production.
• 10 a.m.: The scheduled start time of the auction on December 16, 2009.
• (507) 285-1444: The phone number for Maas Companies to contact for more information or to bid on the refinery.
• www.maascompanies.com: The website with details on the sale and the auction process.

Sources:

• Maas Companies, Rochester, MN operational website: www.maascompanies.com
• Newspaper reports indicating the plantation's mortgage is in default and the court-ordered auction is proceeding as planned.