New Energy Corp. laid out plans to auction off its struggling 70-acre ethanol plant in South Bend, Ind., to pay off its biggest debt: a $33 million loan from the U.S. Department of Energy, Dow Jones DBR Small Cap reported today. Executives at New Energy, which filed for bankruptcy protection on Nov. 9, proposed to hold an auction on Jan. 29 for the plant, which can produce 100 million gallons of ethanol a year from corn.
