Iowa Ethanol Plants File Bankruptcy

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By Becky Ogann

Story Created: Dec 21, 2009 at 2:43 PM CST

Story Updated: Dec 21, 2009 at 2:43 PM CST

DES MOINES (AP) - Hawkeye Energy has put its ethanol plants at Iowa Falls and Fairbank into bankruptcy in U.S. Bankruptcy Court in Wilmington, Del., essentially turning over the operations to a group of banks led by Credit Suisse.

Hawkeye president Bruce Rastetter says the Iowa Falls and Fairbank plants, each of which employs about 45 workers, will continue to operate under the current management.

They also will continue to buy corn and will honor forward contracts for purchases of corn from farmers.

Hawkeye's plants at Menlo and Shell Rock are not affected by the filing.

Hawkeye says it has between $500 million and $1 billion in debt and about $250 million in assets.

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