BioFuel Energy Statement On Announced Definitive Agreement
DENVER, Nov. 5, 2013 /PRNewswire/ — BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an ethanol production company, today confirmed that is has been notified by the lenders under its existing credit facility and Green Plains Renewable Energy, Inc. (“Green Plains”) that a definitive agreement has been entered into for the lenders to sell the Company’s ethanol plants to Green Plains. The Company previously made an offer to the lenders that it believes offered the lenders comparable cash value (based on the announced purchase price of $101 million). That offer has expired.
The Company has not been provided with a copy of the lenders’ definitive agreement with Green Plains and therefore no further details can be provided at this time.
This release contains certain forward-looking statements within the meaning of the Federal securities laws. Such statements are based on management’s current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Factors that could cause actual results to differ from those anticipated are discussed in our Exchange Act filings and our Annual Report on Form 10-K.
BioFuel Energy currently has two 110 million gallons per year ethanol plants in the Midwestern corn belt.
Contact: Kelly G. Maguire For more information: Executive Vice President & www.bfenergy.com Chief Financial Officer (303) 640-6500 firstname.lastname@example.org
SOURCE BioFuel Energy Corp.