VeraSun Energy, an ethanol producer that failed to foresee a drop in corn prices earlier this year, filed for bankruptcy protection Friday.
The Sioux Falls, S.D.-based company said it will continue to operate during bankruptcy, including making feedstock purchases and paying employees.
VeraSun, which claims to be the biggest ethanol producer in the United States, has run out of cash because of a change in its hedging strategy for purchasing corn. The global credit crisis has also hampered its ability to raise operating funds.
"Today's filing allows VeraSun to address its short-term liquidity constraints as we … Read more