Bionol Clearfield Attracts $9.35M at Auction

May 11, 2012 – In The News
Daily Deal

Bankrupt ethanol producer Bionol Clearfield LLC will be sold for $9.35 million after a spirited auction that didn't feature a stalking-horse bidder.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware in Wilmington will consider the approval of the sale on Friday, April 20, said counsel to the company's Chapter 7 trustee, Joshua Klein.

Bidding at the auction began with a $6.1 million bid and ended with a $9.35 million bid, Klein said.

Klein wouldn't reveal the winning bidder or the identity of two other competing bidders because the debtor is still "ironing out details" with the buyer, he said.

The auction lasted for seven rounds and the bidding was lively, Klein said, adding that the sale "is an excellent result" considering that there was no stalking-horse bidder.