Biofuel refinery closed in Memphis
Formed towards the end of 2005 and opened in 2006 biodiesel production facility Memphis Biofuels, based in Memphis, Tennessee, US, has been shut down.
The facility was opened with the intention of initially producing 36 million gallons of biodiesel each year before ramping up production to 100 million gallons a year.
However the company soon defaulted on an $8.3 million (6.8 million) loan issued by the Bank of America on 30 June 2006.
The refinery is due to be sold on the 8 July this year.
The facility was opened with the intention of initially producing 36 million gallons of biodiesel each year before ramping up production to 100 million gallons a year.
However the company soon defaulted on an $8.3 million (6.8 million) loan issued by the Bank of America on 30 June 2006.
The refinery is due to be sold on the 8 July this year.
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