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Creditor Seeks Action Against Pratt Ethanol Plant

By: AP
By: AP

PRATT, Kan. (AP) _ A Minnesota-based investment bank that holds more than $63 million of debt on Pratt's Gateway Ethanol wants the troubled plant placed in emergency receivership.

In a motion field in the U.S. District of Kansas last week, Dougherty Funding LLC noted that the plant is currently shut down.

The lender stated in a filing Wednesday seeking an expedited hearing that Gateway officials informed Dougherty that the company ``only had enough cash to continue operations for approximately 'another week or so.'''

The $100 million plant began operating in late October 2007. Previous reports indicate that it costs nearly $10 million per month to run and employs 35 to 40 people.

Information from: The Hutchinson News,

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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