MGP Ingredients found a buyer for half of the Pekin, Ill., alcohol plant it shuttered early this year.
Seacor Energy, a subsidiary of Florida-based Seacor Holdings, agreed to pay $15 million, which MGP will use to pay down debts.
MGP and Seacor will jointly own the plant through a partnership called Illinois Corn Processing.
Seacor will provide capital to the venture. MGP will market the beverage and industrial food grade alcohol the plant produces, and Seacor will market the ethanol product.
As for MGP's debt, the $15 million will cut the Atchison-based company's debt in half.
At full capacity, the plant will employ 60. Laid off MGP employees will be called back to work. MGP had stopped production at the Illinois facility in February.