Greenhunter Biofuels (GRH) To Sell Biofuels Refinery

Greenhunter Biofuels just announced that it is putting its Houston biofuels refinery up for sale. They are also amending a credit agreement relating to the plant. Under the amended agreement, WestLB AG, the lender, has agreed to give Greenhunter Energy until November of 2009 to repay the loan before declaring them to be in default.

In a press release posted on Greenhunter’s website, President, chairman and CEO Gary Evans commented on the agreement:

“By amending our existing Credit Agreement with WestLB, we have positioned the Company in a manner that should allow us time to seek a number of solutions to our present financial situation. This is especially important now that credit markets have begun to improve and crude oil prices, which have a direct correlation to the price of biodiesel, have recently increased. We are also hopeful that the Federal Government will begin funding the many incentives that have been promised under the new Administration for our industry.”

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