With a market abundance of ethanol that has kept the fuel additive's price low and led Congress to stop encouraging production with a tax credit, Indiana-based ethanol producer New Energy Corp. has filed for chapter 11 protection to sell its 70-acre plant outside South Bend, Dow Jones DBR Small Cap reported today. New Energy executives placed its operations in bankruptcy last week as part of the sale demanded by its top lender, the U.S. Department of Energy , which is owed $33.3 million on a loan that it first extended in 1997.
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