Wednesday, January 14, 2009

Another Waste of Taxpayers Money as Northeast Biofuels Files for Chapter 11 Bankruptcy

Only a mere five months after becoming operational, Northeast Biofuels LP has already sought out bankuptcy protection under Chapter 11.

Businesses filing under Chapter 11 restructure their finances with the goal of starting operations up again.

The plant cost about $200 million to build, as another huge waste of taxpayers' money is revealed in the ongoing ethanol debacle.

Go here for bankruptcy petition, which was filed in U.S. Bankruptcy Court in Syracuse

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