South Louisiana Ethanol, Industrial Auctioneers

South Louisiana Ethanol

South Louisiana Ethanol; Jesuit Bend, LA, USA: Bankruptcy

Sealed Bid

SITUATION: South Louisiana Ethanol (SLE) filed a motion with the United States Bankruptcy Court for approval of a private sale and public auction of real estate and all available assets located in Louisiana to pay expenses owed to Whitney Bank in New Orleans, LA.

SOLUTION: Whitney Bank filed an application to employ and retain Schneider Industries as the firm to dispose of SLE’s assets including all machinery and real estate. The 129,000 sq. ft. plant, including all buildings and structures, plus about 49 acres with dock building capabilities on the Mississippi River as well as half the rights of an adjoining 4.5 acres on the river front property, and all equipment was offered through a sealed bid sale managed by Schneider Industries. An auction was scheduled if a sealed bid offer was not accepted. Schneider Industries obtained three bids. Whitney Bank was happy to accept the high bid which came in over the appraised value of the total assets.