SOURCE: Schrader Auction Company

Schrader Auction Company

August 12, 2009 11:33 ET

Approximately 1,600 Acres of Illinois Farmland Set for Sept. 10 Auctions

LITCHFIELD, IL--(Marketwire - August 12, 2009) - VeraSun Energy Corporation plans to auction approximately 1,600 acres of Illinois farmland Thursday, Sept. 10, with Schrader Real Estate and Auction Company, Inc., managing the sale. The auction is subject to the approval of the court overseeing the company's Chapter 11 bankruptcy.

The land, located in Montgomery, Madison and Vermilion counties, consists primarily of high-quality tillable farmland, with some in locations that offer potential for industrial and commercial development.

The sale is being conducted as part of VeraSun's efforts to maximize the return for its creditors as part of its bankruptcy and is subject to bankruptcy court approval. The company had acquired the land over the years in support of its ethanol-related businesses.

"Because of the stability of farmland prices relative to prices of other assets in recent months, many farm owners have been reluctant to sell their land. As a result, there have been fewer opportunities to obtain high-quality tillable land. By offering each of the three farms in several tracts, we will enable all bidders to participate on an equal footing whether buyers want an entire farm or only part," said Rex Schrader, president of Schrader Real Estate and Auction.

Properties to be sold include:

   -- Approximately 487 acres at Litchfield, in Montgomery County, within
      30 minutes of metro St. Louis and close to Interstate 55. The
      property, which is primarily tillable farmland, will be offered in
      11 tracts, in combinations and as an entirety.

   -- Approximately 380 acres in Granite City, selling in eight tracts
      ranging from approximately 1.2 acres to approximately 230 acres. The
      tracts, located two miles from I-270 east of St. Louis, include two
      homes and have rail access.  The tracts include land near a new
      Lowe's and Wal-Mart.

   -- Approximately 733 acres at Danville on the eastern side of Illinois,
      will be offered in six tracts ranging from approximately 35 acres to
      approximately 250 acres.  Buyers can also bid on the entire 733
      acres.  This property has rail access and is close to I-74
      and SR 150.

The auctions will be held in two sessions. At 9 a.m. CST, the Montgomery and Madison county properties will be sold at Staunton Knights of Columbus Hall in Staunton, Ill. The Vermilion County land will be sold at 6 p.m. CST at Beef House restaurant near Covington, Ind. Westchester Auctions, of Champaign, Ill., is partnering with Schrader on the sale.

Individuals seeking additional information visit www.schraderauction.com or call 800-451-2709.

Contact Information

  • For more information:
    Carl Carter
    205 823-3273