Judge Clears Bionol Clearfield Sale

April 24, 2012 – In The News
The Daily Deal

Ethanol producer Bionol Clearfield LLC has won approval to sell its assets to Pennsylvania Grain Processing LLC.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware in Wilmington on April 20 approved the $9.35 million sale, court papers said.

Chapter 7 trustee Alfred T. Giuliano of Giuliano Miller & Co. LLC auctioned the company on April 18 without a
stalking-horse bidder in place.

Bidding at the auction began with a $6.1 million offer from competing bidder Shaner Capital LLC and ended with the $9.35 million bid from Pennsylvania Grain, according to counsel to the Chapter 7 trustee, Joshua Klein.

Shaner Capital was chosen as the backup bidder with an $8.75 million final offer, Klein said. Klein wouldn't reveal the identity of one other competing bidder.

The auction lasted for seven rounds and the bidding was lively, he said. Klein anticipated the sale would close by May 8.