Corn ethanol producer BioFuel Energy's share price is down only 6% YTD despite its failure to raise sufficient cash to settle a default by one of its operating subsidiaries. The company was granted a grace period by its lenders but the deadline passed on July 30 without any resolution. BioFuel Energy is now attempting to raise sufficient cash via the sale of one or both of its two corn ethanol facilities. While the company's balance sheet at the end of Q2 2013 reports a Price/Book ratio of 0.5, recent sale prices of used corn ethanol facilities suggest that the company actually has negative shareholder equity in the event that both facilities are sold. The company's share price has...
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