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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): April 2, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>IOWA RENEWABLE ENERGY, LLC<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>Iowa</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-52428</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>20-3386000</B></TD>
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    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>1701 East 7th Street, P.O. Box 2, Washington, IA<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>52353</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
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    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(319) 653-2890</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="justify" style="font-size: 10pt"><B>Item&nbsp;1.02 Termination of a Material Definitive Agreement</B>


<P align="justify" style="font-size: 10pt; text-indent: 4%">On
April&nbsp;3, 2009, Iowa Renewable Energy, LLC (the &#147;Company&#148;) received a written notice of termination from
Renewable Energy Group, Inc. and its subsidiaries (&#147;REG&#148;) regarding its Management and Operations Services Agreement
(the &#147;MOSA&#148;) with the Company. The MOSA provides that it will continue in effect for an initial term of three (3) years
 following the first month of biodiesel production at the Company&#146;s plant and
 will continue thereafter until one party gives at least twelve (12) months advance
 written notice of termination. The notice states that
it shall constitute such twelve (12) month advance termination notice
required by Section 6 of the MOSA and that the MOSA will terminate as of July&nbsp;12, 2010.


<P align="justify" style="font-size: 10pt; text-indent: 3%">We entered into the MOSA with REG for the purpose of management and operational services. These services include
REG marketing all of our biodiesel and glycerin. The sales and marketing services of REG include certain transportation
services such as: arranging for transportation, logistics, and scheduling of biodiesel shipments; where advantageous,
arranging for leased tankers for rail shipments; analyzing and auditing bulk transportation providers; overseeing
reconciliation of shipments, invoicing and payments on a weekly basis; and providing invoicing and accounts receivable
management for biodiesel shipments. Under the terms of the MOSA, REG takes title to the product when loaded for
delivery FOB the plant. In addition, under the MOSA REG is responsible for arranging the purchase and procurement of
the feedstock and chemical inputs necessary to produce biodiesel at our plant.


<P align="justify" style="font-size: 10pt; text-indent: 4%">REG has provided the notice of termination due to changes in the biodiesel market since the MOSA was originally
signed. REG has proposed that the parties review and cooperate to negotiate a new contract on terms mutually beneficial
to the Company and REG; however, there is no guarantee that a new contract will be signed.


<P align="justify" style="font-size: 10pt"><B>Item&nbsp;2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement</B>


<P align="justify" style="font-size: 10pt; text-indent: 4%">On April&nbsp;2, 2009, the Company received a written notice of default (the &#147;Notice&#148;) from Marshall BankFirst
Corporation (&#147;Bankfirst&#148;), our lender for the loans evidenced by the Company&#146;s loan agreements and related documents,
including the mortgage, security agreement, and promissory notes (collectively, the &#147;Loan Agreements&#148;). The Company
entered into the Loan Agreements with Bankfirst on October&nbsp;26, 2006, for the purpose of financing the construction of
the Company&#146;s biodiesel plant located in Washington, Iowa. The Loan Agreements provided the Company with a $34,715,000
construction loan. The Loan Agreements also contained various covenants and restrictions with which the Company was
obligated to comply. The Loan Agreements are secured by a mortgage and security interest granted by the Company in
favor of Bankfirst in all of the Company&#146;s real property and personal property.


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Notice provides that the Company is in default under the terms of the Loan Agreements due to the fact that
beginning March&nbsp;24, 2009, and continuing thereafter, the Company has failed to maintain monthly Debt Service Coverage,
Fixed Charge Coverage, and Current Assets to Current Liabilities ratios as required by Sections&nbsp;5.02(n), (o), and (p)
of the Loan Agreements. Section&nbsp;5.02(n) requires the Company to continually maintain a Debt Service Coverage ratio of
at least 1.50 to 1.00. Section&nbsp;5.02(o) requires the Company to continually maintain a Fixed Charge Coverage ratio of
not less than 1.25 to 1.00. Section&nbsp;5.02(p) requires the Company to continually maintain a Current Assets to Current
Liabilities ratio of not less than 1.50 to 1.00.


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Notice constitutes a notice of default under Section&nbsp;6.01(b) of the Loan Agreements, which provides the
Company has 30&nbsp;days to cure each of the above covenant defaults
that shall constitute an event of default. The Notice
advises, and the Loan Agreements provide, that upon the occurrence of an event of default, Bankfirst may exercise a
variety of remedies afforded to Bankfirst under the Loan Agreements or by applicable law or equity, including without
limitation, acceleration of the due date of the unpaid principal balance of the Loan Agreements and all accrued but
unpaid interest thereon. Further, according to the mortgage and
security agreement, Bankfirst may, during an event of
default and in accordance with applicable law, foreclose its mortgage on the Company&#146;s real estate and its security
interest in the Company&#146;s personal property and exercise any other remedies provided therein.


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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="justify" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;IOWA RENEWABLE ENERGY, LLC</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April&nbsp;8, 2009&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>/</B>s/ Michael Bohannan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Bohannan, Chairman and President</TD>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 2, 2009
IOWA RENEWABLE ENERGY, LLC
(Exact name of registrant as specified in its charter)
Iowa
000-52428
20-3386000
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1701 East 7th Street, P.O. Box 2, Washington, IA
52353
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(319) 653-2890
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02 Termination of a Material Definitive Agreement
On
April 3, 2009, Iowa Renewable Energy, LLC (the "Company") received a written notice of termination from
Renewable Energy Group, Inc. and its subsidiaries ("REG") regarding its Management and Operations Services Agreement
(the "MOSA") with the Company. The MOSA provides that it will continue in effect for an initial term of three (3) years
 following the first month of biodiesel production at the Company's plant and
 will continue thereafter until one party gives at least twelve (12) months advance
 written notice of termination. The notice states that
it shall constitute such twelve (12) month advance termination notice
required by Section 6 of the MOSA and that the MOSA will terminate as of July 12, 2010.
We entered into the MOSA with REG for the purpose of management and operational services. These services include
REG marketing all of our biodiesel and glycerin. The sales and marketing services of REG include certain transportation
services such as: arranging for transportation, logistics, and scheduling of biodiesel shipments; where advantageous,
arranging for leased tankers for rail shipments; analyzing and auditing bulk transportation providers; overseeing
reconciliation of shipments, invoicing and payments on a weekly basis; and providing invoicing and accounts receivable
management for biodiesel shipments. Under the terms of the MOSA, REG takes title to the product when loaded for
delivery FOB the plant. In addition, under the MOSA REG is responsible for arranging the purchase and procurement of
the feedstock and chemical inputs necessary to produce biodiesel at our plant.
REG has provided the notice of termination due to changes in the biodiesel market since the MOSA was originally
signed. REG has proposed that the parties review and cooperate to negotiate a new contract on terms mutually beneficial
to the Company and REG; however, there is no guarantee that a new contract will be signed.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement
On April 2, 2009, the Company received a written notice of default (the "Notice") from Marshall BankFirst
Corporation ("Bankfirst"), our lender for the loans evidenced by the Company's loan agreements and related documents,
including the mortgage, security agreement, and promissory notes (collectively, the "Loan Agreements"). The Company
entered into the Loan Agreements with Bankfirst on October 26, 2006, for the purpose of financing the construction of
the Company's biodiesel plant located in Washington, Iowa. The Loan Agreements provided the Company with a $34,715,000
construction loan. The Loan Agreements also contained various covenants and restrictions with which the Company was
obligated to comply. The Loan Agreements are secured by a mortgage and security interest granted by the Company in
favor of Bankfirst in all of the Company's real property and personal property.
The Notice provides that the Company is in default under the terms of the Loan Agreements due to the fact that
beginning March 24, 2009, and continuing thereafter, the Company has failed to maintain monthly Debt Service Coverage,
Fixed Charge Coverage, and Current Assets to Current Liabilities ratios as required by Sections 5.02(n), (o), and (p)
of the Loan Agreements. Section 5.02(n) requires the Company to continually maintain a Debt Service Coverage ratio of
at least 1.50 to 1.00. Section 5.02(o) requires the Company to continually maintain a Fixed Charge Coverage ratio of
not less than 1.25 to 1.00. Section 5.02(p) requires the Company to continually maintain a Current Assets to Current
Liabilities ratio of not less than 1.50 to 1.00.
The Notice constitutes a notice of default under Section 6.01(b) of the Loan Agreements, which provides the
Company has 30 days to cure each of the above covenant defaults
that shall constitute an event of default. The Notice
advises, and the Loan Agreements provide, that upon the occurrence of an event of default, Bankfirst may exercise a
variety of remedies afforded to Bankfirst under the Loan Agreements or by applicable law or equity, including without
limitation, acceleration of the due date of the unpaid principal balance of the Loan Agreements and all accrued but
unpaid interest thereon. Further, according to the mortgage and
security agreement, Bankfirst may, during an event of
default and in accordance with applicable law, foreclose its mortgage on the Company's real estate and its security
interest in the Company's personal property and exercise any other remedies provided therein.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
IOWA RENEWABLE ENERGY, LLC
April 8, 2009
/
s/ Michael Bohannan
Date
Michael Bohannan, Chairman and President
3