Saying they weren't able to secure interim financing to continue operations, Ethanex Energy (OTC BB: EHTE.OB) says it has plans to file for bankruptcy.
In a federal filing on March 24, the company stated they had ceased operating, and they now have a skeleton staff of three.
This effectively ends an agreement where they were going to buy an ethanol plant in Nebraska for $50 million, which is owned by Midwest Renewable Energy.
Ethanex needed $1.5 million in short-term financing to continue operating.
Tuesday, March 25, 2008
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