Northeast Biofuels Obtains Bankruptcy Court Approval for Conducting a Sale of Strategically...

Northeast Biofuels Obtains Bankruptcy Court Approval for Conducting a Sale of
Strategically Located Ethanol Plant

SYRACUSE, N.Y., March 24 /PRNewswire/ -- The Bankruptcy Court has given
approval to Northeast Biofuels, LP to conduct an auction for the sale of the
Company's assets. As part of this approval on March 19, 2009, the Court
established bidding procedures and scheduled a hearing on April 29, 2009 for
the sale of the Company's assets. The Company filed a voluntary petition for
protection under Chapter 11, in the U.S. Bankruptcy Court for the Northern
District of New York on January 14, 2009. Northeast Biofuels owns an ethanol
plant that is strategically located in Fulton, NY, and, when completed, is
slated to produce approximately 100 million gallons per year of dry corn
milled denatured ethanol.

"The plant's location offers a unique opportunity to capitalize on the growing
demand for ethanol in the northeastern U.S. and Canada," said Brian Roach,
Northeast Biofuels' CEO. In connection with this filing, the plant is expected
to be sold "free and clear" pursuant to Section 363 of the U.S. Bankruptcy
Code. The Bankruptcy court approved the following schedule for the Northeast
Biofuels' Sec. 363 Sale: Initial bids from interested parties are due on
April 21, 2009; the auction date will be on April 23, 2009; and the sale
hearing before the Court will be on April 29, 2009.

If parties are interested in learning more about this facility and how they
may participate in the Sec. 363 sale process, please contact Ben Goren or Mike
Dzamba at FTI Consulting. Please do not contact anyone at the facility or
otherwise related to the process.

SOURCE Northeast Biofuels, LP

Ben Goren, +1-312-252-9361, ben.goren@fticonsulting.com, or Mike Dzamba,
+1-312-252-4010, mike.dzamba@fticonsulting.com, both for Northeast Biofuels,
LP