This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ag Chief To Borrow $7M To Take Control Of Mill

The agriculture department sold the mill the year it was completed to Lake Charles Cane-Lacasinne Mill LLC in an all-financed deal with no cash changing hands. The state still is paying off the construction debt.

Lake Charles Cane is controlled by a Colombian company, Cementos Andinos SA, which also agreed to build an ethanol plant at the site. That plant has not been built, and Lake Charles Cane was officially put in default by the LAFA earlier this year after missing its loan payment to Merrill Lynch, which has a mortgage on the mill as collateral for the loan.

The $7 million in borrowing will be done through the Louisiana Agricultural Finance Authority. The Bond Commission agreed without objection. The Legislature's joint budget committee already had signed off on the arrangement, and Gov. Bobby Jindal's administration supported the plan.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs