Plymouth Oil Files For Chapter 11 Bankruptcy
(Merrill) -- High grain prices and high transportation costs have forced Plymouth Oil Company of Merrill to file for Chapter 11 bankruptcy. Dave Hoffman of the Plymouth Oil Company says the board felt this was the best move to pay off their debts.
The papers were filed in Plymouth County on July 23rd. Hoffman says Plymouth Oil had hoped to obtain corn germ from their neighbors next door, Plymouth Energy, but those plans fell through.
Hoffman says the plan is to keep operating, and to keep paying bills. The plant started operations in February of 2010. It specializes in producing food grade products from corn, such as corn oil for cooking purposes. Hoffman says the decision was in the best interest for the investors and for the creditors.
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