MEMPHIS, TN - The facility that houses Memphis Biofuels' biodiesel production plant has been foreclosed, the Memphis Daily News reported. 

The facility, which opened in 2006, will be sold on the courthouse steps on July 8. 

Memphis Biofuels at one time had the capacity to produce 36 million gallons of biodiesel annually. But the company defaulted on an $8.3 million construction loan through Bank of America, the newspaper reported.