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 statement.
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%.