Ontario ethanol plant files for receiveship
December 5, 2012
By Enterprise Bulletin
December 5, 2012, Collingwood, ON — The owners of Amaizeingly Green, which started out as Collingwood Ethanol in 2007, taking over the former Nacan starch plant, filed for receivership of the plant on this week.
According to the Enterprise Bulletin, the plant, which produced fertilizer and pet food, as well as more than 50 million litres of ethanol annually, employed about 70 people. Employees were informed by plant manager Daryl Dorchak Tuesday morning.
Sources say the plant had not been operating for several months due to the higher cost of corn.
Media inquiries were referred to Allan Rutman of Zeifman Partners, which is acting as receiver and manager. Amaizeingly Green’s parent company, Carlyle/Riverstone Renewable Energy Infrastructure Fund applied for an order through the Ontario Superior Court of Justice on Monday to appoint Zeifman as receiver.
Rutman said the chief reason for the shutdown has been the price of corn.
“It is unprofitable to produce ethanol, and as a result, the plant has essentially been a cash drain since (ethanol) production ceased,” said Rutman. “There are insuffient funds to continue to support the facility.
Fertilizer production, and to a limited extent, the production of animal feed, will continue for the time being; 21 employees will remain working at the plant, said Rutman.
Forty-eight people have been on layoff since ethanol production ceased in July.
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