From The Wisconsin Rapids Tribune: More than two years after a federal agency promised Wisconsin Rapids' largest employer $30 million to build a renewable energy facility, researchers still are studying the feasibility of such a project, a company spokesman said.
NewPage Corp. leaders have acquired no new information since September, when they told the Daily Tribune they expected to complete plant designs by the end of 2011, local company spokesman Cliff Bowers said....
In January 2008, the U.S. Department of Energy promised the Miamisburg, Ohio-based papermaker $30 million to build a small-scale biorefinery by 2012. Last year, the department awarded the company another $20 million to fund the project after favorable results of a feasibility study. If the company meets all technical and economic requirements, the construction phase will start in April 2012, according to NewPage's 2010 sustainability report. http://www.wisconsinrapidstribune.com/article/20120114/WRT03/301140075/NewPage-biorefinery-project-remains-limbo?odyssey=moddefcontextFRONTPAGE
And, oh by the way, New Page is in bankruptcy: NewPage remains under Chapter 11 bankruptcy protection, continuing normal operations as the company works through a restructuring process, Bowers said.
Where have we heard this story before? Feds throwing money at bankrupt company? Nah, that would never happen, would it?
Looks like another $50,000,000 of U.S. taxpayer money down the drain, but hey, it's only money.
26 minutes ago