Metro's nearly complete 110 MMgy biodiesel plant up for bid

By Ron Kotrba | October 09, 2012

After recently filing Chapter 11 bankruptcy, Metro Fuel Oil Corp. is exploring certain strategic alternatives, including a sale of its various assets. These assets include Metro Biofuels LLC’s large, multifeedstock biodiesel plant under development in Brooklyn, N.Y. Scott Chabina, vice president of Carl Marks Advisory Group, a firm with renewable energy expertise, has been retained as financial advisor and investment banker to assist Metro and its related subsidiaries according to bankruptcy filings. The 110 MMgy multifeedstock biodiesel production facility is approximately 90 percent complete and preliminary deadlines and bidding procedures for the sales process were filed on Oct. 8 in the U.S. Bankruptcy Court, Eastern District of New York.

Parties interested in the biodiesel facility, or any other assets of the company, have been requested to provide preliminary bid documents by Oct. 31. Preliminary bidders are asked to sign a confidentiality agreement, which will provide them access to a wide range of additional due diligence materials pertaining to the sales process. Such preliminary bidders will also be required to demonstrate proof of financial wherewithal necessary to close any proposed transaction.

Metro Fuel Oil Corp. is a family‚Äźowned, diversified energy company founded in 1942 that supplies and delivers Bioheat, biodiesel, heating oil, ultra-low sulfur diesel fuel, natural gas and gasoline throughout the New York metropolitan area and Long Island. The company has strategically located storage and terminal facilities in Greenpoint, Brooklyn and Calverton, Long Island, to effectively store and deliver fuel to its various end customers. The company’s headquarters are near the Newton Creek, adjacent to its biodiesel plant, and include a 10-plus million gallon terminal, storage facility and corporate office. Metro Biofuels LLC is a certified marketer in the BQ-9000 biodiesel quality assurance program.

Those interested in receiving additional information pertaining to any of the company’s assets should directly contact Scott Chabina with Carl Marks Advisory Group.

 
 
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