GOE proposes auction timeline; bidders already interested

LIMA - Greater Ohio Ethanol, in bankruptcy proceedings and trying to sell itself, already has nine firms interested in its purchase.

The company is aggressively marketing its assets, it said in court filings Friday. A two-page summary of what's available was given to 200 interested potential bidders, and nine of them have asked for additional confidential business information.

Greater Ohio Ethanol asked for a hearing quickly to set up procedures of the sale to provide information to interested bidders.

The company filed motions in federal court asking for a bid deadline of Dec. 15, and in the event of two or more bidders, an auction Dec. 17. Greater Ohio Ethanol wants a court hearing by Nov. 26 to establish procedures for a sale, the motions said.

Bankruptcy proceedings are continuing in Northern District U.S. Bankruptcy Court in Toledo.

The company said an auction would provide a transparent process determining the best and highest bidder in the current market.

A sale would include the purchased assets and any contracts a new owner would desire to acquire. A purchase price would be paid immediately at closing and any bidder would be required to make a $75,000 cash deposit. Bidders must provide "extensive documentation" of their financial ability to close on a sale.

An auction would be held in the Cincinnati offices of Greater Ohio attorneys or someplace else designated by Greater Ohio. Bids would be in increments of $50,000, according to the filings. There is no minimum sale price listed in the filings.