Ethanol producer VeraSun and 24 of its subsidiaries have filed for Chapter 11 bankruptcy protection, citing liquidity problems that have impaired ability to operate its business and invest in production facilities. In September, South Dakota-based VeraSun warned investors that it could post a $103 million loss for its third quarter due to corn-hedging losses. The firm said it would begin an equity offering to help garner additional cash, but canceled those plans and instead hired Morgan Stanley to evaluate its options.
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