Biofuel Energy engaged Piper Jaffray & Co to explore strategic alternatives Biofuel Energy announced that it has engaged Piper Jaffray & Co to act as its financial adviser to assist the company in exploring certain strategic alternatives, including a potential sale of one or both of its plants. As previously disclosed, the company's operating subsidiaries did not make the regularly-scheduled payments of principal and interest that were due on September 28, 2012 on the term loans outstanding under their senior debt facility. This resulted in the company receiving a notice of default from First National Bank of Omaha, as Administrative Agent for the lenders under the senior debt facility. Since the initial default, the operating subsidiaries have not made any of the regularly-scheduled principal and interest payments, which through December 31, 2012 totaled $8.2M. The lenders under the senior debt facility have indicated that they are willing to provide the company with a grace period until July 30 to allow the company to pursue one or more strategic alternatives.
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