South Bend ethanol plant declares bankruptcy

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South Bend's oldest ethanol plant has filed for bankruptcy. New Energy submitted its paperwork in Federal court Friday.

According to court documents the company says the amount for which it can sell the ethanol it produces has been less than the corn it takes to make it since late 2011.

New Energy says last month the Department of Energy requested it sell its assets in bankruptcy. The company has already taken several steps to get back on track, including making workforce and payroll cuts.

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South Bend ethanol plant declares bankruptcy - Fox 28: South Bend, Elkhart IN News, Weather, Sports