Judge approves $30 million sale of Olsen's Mill

OSHKOSH, Wis. — A federal bankruptcy judge has approved a sale of assets that gives Archer Daniels Midland capacity to store 20 million bushels of grain in Wisconsin.

The Decatur, Ill., company is buying assets and property of Olsen's Mill and Olsen Brothers Enterprises for about $30 million. The purchase includes nine grain elevators in Wisconsin.

Olsen's Mill fell into receivership in February 2009 and owed $58 million to a French bank that financed the construction of its ethanol plant in Jefferson.

The Oshkosh Northwestern (http://bit.ly/nEeUoE) says that under the terms of the bankruptcy settlement, Olsen Brothers' creditors will be paid from the proceeds of the sale to Archer Daniels.