(Des Moines)– Eighty Iowa and Minnesota farmers who sold corn on contract to bankrupt Verasun Energy filed an objection in bankruptcy court Friday, saying they stand to lose money and can’t make financial plans for 2009.
The farmers say Verasun’s request to cancel futures contracts could also make it difficult to get financing from bankers because their corn would be unhedged.
The filing made in Delaware will allow the farmers and their lawyer to receive court filings and make arguments before the bankruptcy judge. Verasun hasn’t said how may contracts it might void.
Verasun was Iowa’s largest ethanol producer. A hearing in bankruptcy court is set for December 2nd.
Locally, Verasun owns and operates ethanol plants in Hartley and Welcome, Minnesota.
