FAQs

On October 31, 2008, VeraSun Energy Corporation, and certain of its affiliates (collectively, the "Debtors") filed voluntary petitions (the "VeraSun Cases") for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code").

The questions and answers that follow provide general information concerning the VeraSun Cases, the Official Committee of Unsecured Creditors of VeraSun Energy Corporation, et al. (the "Committee"), and various topics related to the VeraSun Cases and the Committee.

What is the Committee?

Pursuant to the Bankruptcy Code, the United States Trustee is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors' committee is a group of general unsecured creditors (typically seven) appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors' committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization (a "Plan"). The overarching goal of a creditors' committee is to maximize value for general unsecured creditors.

In accordance with this authority, on November 14, 2008, the United States Trustee appointed the Committee.

What is the Committee's role in the VeraSun Cases?

Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the VeraSun Cases; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses and the desirability of the continuance of such businesses, and any other matter relevant to the VeraSun Cases or to the formulation of a Plan; (3) participate in the formulation of a Plan, advise those represented by the Committee of the Committee's determinations as to any Plan formulated, and collect and file with the court acceptances or rejections of a Plan; (4) request the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interests of the unsecured creditors.

Who are the members of the Committee?

  • HSBC Bank USA, National Association
  • The CIT Group/Equipment Financing, Inc.
  • Trotter, Incorporated
  • Haas TCM Processing LLC
  • Crown Iron Works
Who represents the Committee?

The Committee retained Akin Gump Strauss Hauer & Feld LLP and Greenberg Traurig, LLP to act as its co-counsel.

Which VeraSun entities are in bankruptcy?

Main DebtorVeraSun Energy Corporation
Case No. 08-11480 (KG)

Related Debtors Click here to view Debtors and case numbers.

Who is the United States Trustee?

The United States Trustee for the VeraSun Cases is Roberta A. DeAngelis. The Trial Attorney assigned to the VeraSun Cases is Mark S. Kenney.

What role does the United States Trustee Play?

The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit: www.usdoj.gov/ust/r03/index.htm.

Does the Committee represent individual creditors?

No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the VeraSun Cases.

What is the deadline for filing proofs of claims?

The deadline for the filing of proofs of claims against the Debtors in these cases was May 25, 2009 at 5:00 p.m. (PT).

Do I need to file a proof of claim?

If you believe that you or an entity you represent has a claim arising prior to October 31, 2008 against one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the VeraSun Cases. For additional information regarding proofs of claim, please refer to: www.kccllc.net/verasun .

Have the Debtors filed any Chapter 11 plan(s) or disclosure statement(s)?

The Debtors' Joint Plan of Liquidation, dated July 31, 2009, and their Disclosure Statement, dated July 31, 2009, were filed with the Bankruptcy Court. A hearing to consider approval of the Disclosure Statement was scheduled for September 9, 2009 at 2:30 p.m. (prevailing Eastern Time). On September 10, 2009, an order was entered approving the Disclosure Statement and scheduling a hearing on confirmation of the Joint Plan of Liquidation for October 23, 2009. On October 23, 2009, Findings of Fact, Conclusions of Law and Order were entered confirming the Debtors' Joint Plan of Liquidation Under Chapter 11 of the United States Bankruptcy Code. To view these documents, please click on the Plan of Liquidation and Disclosure Statement link on the left side of the page.

How long will the VeraSun Cases last?

There is no specific time estimate for the VeraSun Cases.

Who is the judge presiding over the VeraSun Cases?

The VeraSun Cases are assigned to the Honorable Brendan Linehan Shannon, United States Bankruptcy Judge for the District of Delaware.

For additional frequently asked questions regarding the Debtors, please visit the VeraSun website: www.verasun.com.