Sunday, September 4, 2011
ADM buys Wisconsin elevators
ADM is buying the Olsen’s Mills in Wisconsin. The grain elevators run by the Olsen brothers were forced into bankruptcy in 2009 when the Renew Energy ethanol plant in Jefferson filed for Chapter 11. Olsen Mills were part owners in the plant and owed creditors $58 million when they went into receivership. A court-approved sale of the mills for $20 million to two different investment groups involving the Olsen brothers brought objections from the lead creditor, French bank BNP Paribas. PNB
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