Apr 23, 2013 at 10:28 am
MINNEAPOLIS, Minn. (AP) A recently reopened southern Minnesota ethanol plant has shut down again and its top executives have been fired amid a bitter bankruptcy fight.
Only 10 of Purified Renewable Energy's 23 employees remain on the job. And the Buffalo Lake plant has just enough borrowed money for a few weeks.
The former Minnesota Energy plant was built in 1997 and is one of the smallest in the state. It was closed for 2 1/2 years but resumed production of corn ethanol last year after a farmers cooperative sold it to new investors financed by a New York hedge fund.
The reopened plant never hit its 25 million-gallon-a-year capacity. Two fires last fall disrupted operations, and the entire ethanol industry has struggled with high corn prices.
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