Judge Confirms Northeast Biofuels Ch. 11 Plan

By Hilary Russ

Law360, New York (February 12, 2010, 4:16 PM ET) -- A bankruptcy judge has confirmed Northeast Biofuels LP's Chapter 11 liquidation plan, granting the ethanol producer the green light to begin implementing a plan that provides little recovery to creditors.

Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court for the Northern District of New York on Thursday approved the plan, which was originally filed in October.

The plan was the best way to ensure that the debtors — Northeast Biofuels, NEB Holdings LP and NEB GP Inc. — could maximize recovery for creditors, according to their...
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