Going Once, Going Twice, Sold!

A bankrupt biodiesel plant in Europe goes up for auction
By Erin Voegele | February 09, 2011

Estonia-based Biodiesel Paldiski AS is slated to be auctioned off Feb. 16. Bidding will open at €7 million ($9.5 million). The plant was originally offered for sale in September, with the opening bid set at €24 million. Biodiesel Paldiski was founded in 2004. The 100,000 ton (30 MMgy) plant began operations in 2007and was idled in early 2009.

According to information posted to the auctioneer’s website, the company’s consolidated assets will be sold jointly. This includes a ground lease term of 30 years, which was established by Biodiesel Paldiski with the Port of Tallinn. The biodiesel plant is located within the port. The property also includes production equipment leased from SEB Bank. The purchase price does not reflect the EU's Value Added Tax.

The auction listing also states it is possible for the buyer to acquire additional assets that were excluded from the bankruptcy estate. This includes a 3,000 square-meter tank owned by AS APL Production, and heat production equipment owned by Fortum Termest AS.

Parties participating in the auction are required to pay a deposit equivalent to 10 percent of the starting price. This equates to approximately €700,000. The deposit of the winning bidder will be applied to the final purchase price, while the deposits of other participants will be returned within one business day of the tender date.

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