KIVITV.COM | Boise. News, Breaking News, Weather and Sports-Idaho city rejects request to defer Renova rent
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Associated Press - December 18, 2009 12:04 PM ET
BURLEY, Idaho (AP) - City council members in Burley have rejected a request to defer a year of rent payments for the bankrupt Renova Energy Inc. Heyburn ethanol plant.
Renova's creditors are trying to move the partially built plant out of bankruptcy and into a lienholder's trust, and The Times-News reported that they asked for a 1-year deferment on rent at the Burley Industrial Park.
But councilman Steve McGill says the contract also said the trust would only have to give the city 10 days of notice before selling equipment at the plant. He says that seems like a sneaky way to get the city to consent not to maintain the equipment as collateral.
Information from: The Times-News, http://www.magicvalley.com
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