VeraSun said it signed an agreement with San Antonio, Texas-based Valero, but is required to hold an auction to see if other bidders will offer more favourable terms than Valero's bid.
VeraSun, the country’s second-largest ethanol distiller, filed for bankruptcy late last year after corn prices rose despite falling fuel values. That plus limited access to credit markets sideswiped the high-flying ethanol maker.
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