By LUCIA KASSAI
OMAHA (Bloomberg) -- Green Plains Renewable
Energy, the fourth-largest United States ethanol maker, is buying two plants
from BioFuel Energy for $101 million.
BioFuel, backed by investors David Einhorn and Daniel Loeb,
is selling the plants in Fairmont, Minnesota, and Wood River,
Nebraska, Green Plains said in a statement. The combined
capacity of the two distilleries is 220 MMgpy, or about 14,000
BioFuel will transfer the plants to
a group of lenders represented by First National Bank of Omaha
as part of a defaulted loan of about $170.5 million of
principal, according to the statement and information on its
website. After the transfer is concluded, Green Plains will buy
the plants from the group of lenders, according to the
Hedge fund Greenlight Capital, led by co-founder Einhorn, is
Biofuels largest shareholder
with a 26.2% stake, according to data compiled by Bloomberg.
Third Point, headed by Loeb, owns 19.2%.