A business management and lending firm has made a verbal offer to purchase the Hoku plant in Pocatello to keep it from being dismantled and scrapped.

JCF Funding of Henderson, Nevada, said in a Thursday press release that it has made a verbal offer for the plant to the bankruptcy trustee who is handling Hoku's bankruptcy filing.

The trustee is expected to make a decision on JCF's offer before the end of August.

JCF is not disclosing what it is offering for the plant but officials with the firm would say the offer is in excess of the $25 million which could be made off materials from the plant if it were to be scrapped.

The Hoku plant in Pocatello cost about $600 million to construct. Representatives of JH Kelly, the construction company that built the plant, said in a discussion with the Journal Wednesday that the outcome of Hoku's bankruptcy could very well be that the plant is torn down and sold for scrap, with the money going to Hoku's many creditors.

Hoku owes its creditors nearly $1 billion; JH Kelly says it's owed about $25 million.

JCF Funding is working with former Hoku plant personnel as well as AHSCO Trust and Arco Hills Silica Co., both of Idaho Falls, on a plan to reopen the plant. JCF says if it is able to purchase the plant, about 200 people will be hired right away and a total of 1,500-plant related jobs could be created during the next two to three years.

JCF says it would take 8 to 12 months to make the plant operational. During this time JCF would install 15 new reactors at the plant.

JCF says that if it can acquire the plant it expects to generate sales of $367.8 million with Arco Hills in the first 18 to 24 months after opening the facility. JCF also said in its press release that Arco Hills and five other companies will relocate "towards Pocatello" if JCF is able to acquire the Hoku plant.

Pocatello Mayor Brian Blad and John Regetz, executive director of Bannock Development Corp., both said Thursday that they support JCF's attempt to purchase the Hoku plant.

JCF said it will open an office in Pocatello in the next two weeks as it works to buy the plant.

The firm said in its press release that it will need a rail spur built to the plant as well as the construction of a bridge on the plant's west end in order to begin operations.

JCF said it will look to provide China and other markets with the polysilicon produced at the Hoku plant.

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