Northeast Biofuels agrees to sell plant to Sunoco for $8.5 million

By Jennifer Lanning Drey

Portland, Ore., May 19 - Northeast Biofuels, LP entered into an asset purchase agreement with Sunoco, Inc. under which Sunoco has agreed to purchase the company's biofuels assets for $8.5 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of New York.

Sunoco was the high bidder for the assets at a Monday auction, according to the filing.

Under the agreement, the sale must close by June 15.

Northeast Biofuels filed for bankruptcy on Jan. 14 in the U.S. Bankruptcy Court for the Northern District of New York. Its Chapter 11 case number is 09-30057.

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