Ethanol co-op asks members for cash
8:45 AM
Posted: Friday, October 31, 2008
SIOUX FALLS, S.D. (AP) -- A South Dakota ethanol co-op is asking its shareholders to provide cash to meet its short-term obligations.
Glacial Lakes Energy runs ethanol plants in Watertown and Mina. It's asked shareholders to pay 6 cents per share to raise $11.3 million in working capital.
Interim CEO Jim Seurer (sire) says the co-op got into a financial squeeze when corn prices spiked in summer and the price of ethanol fell. He says it won't affect the company's long-term ability to pay off debt on the two plants.
Glacial Lakes also sold a grain elevator at Madison, Minn., to raise money.
Glacial Lakes Energy runs ethanol plants in Watertown and Mina. It's asked shareholders to pay 6 cents per share to raise $11.3 million in working capital.
Interim CEO Jim Seurer (sire) says the co-op got into a financial squeeze when corn prices spiked in summer and the price of ethanol fell. He says it won't affect the company's long-term ability to pay off debt on the two plants.
Glacial Lakes also sold a grain elevator at Madison, Minn., to raise money.
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