Author Topic: Never-opened $300 million-plus biofuels refinery facing foreclosure in southern Oregon  (Read 405 times)

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Offline Bigun

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Never-opened $300 million-plus biofuels refinery facing foreclosure in southern Oregon

A much-hyped but yet-to-be-completed aviation biofuels refinery in southern Oregon appears to be headed for foreclosure after backers failed to make principal and interest payments on some $300 million in debt.

Red Rock Biofuels launched efforts nearly a decade ago to build the cutting-edge facility in Lakeview but repeatedly ran into obstacles, even as project skeptics questioned its feasibility.

The project has now accrued an additional $56 million in interest owed to private investors who bought bonds to fund the project, according to a four-page notice of sale first published Dec. 21 in the Lake County Examiner newspaper. The notice said the property would be auctioned to the highest bidder on Feb. 9 if the project’s owner didn’t pay the entire amount due to date and cure any other default by five days before that date. It’s not clear how far behind backers are in making payments...

Excerpt: Rest at headline link

One more example of how our tax money finds its way into the pockets of the appropriators!
"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
- J. R. R. Tolkien