Sale of Pratt's Gateway Ethanol plant was approved today by a federal judge in Kansas City.

Larry Frazen, an attorney for Bryan Cave and who handled the sale, said Minneapolis-based investment bank Dougherty Funding bought the plant's assets for "just north of $60 million."Dougherty had submitted a bid of $59.93 million. No other bids were made.Frazen said U.S. Bankruptcy Judge Dale Somers approved the sale and is expected to sign the order in the next day or so.Dougherty holds more than $63 million loans on Gateway's property in Pratt. As of Aug. 31, the company reported assets of $95.7 million and liabilities of $95.4 million.Orion Ethanol owns 62 percent of the company, which filed for Chapter 11 bankruptcy reorganization Oct. 5.Gateway began some ethanol production in October 2007, but it shut down shortly after that without ever reaching full production.

Posted in: Gateway