Trustee Opposes Clean Burn Conversion To Ch. 7

Law360, New York (February 23, 2012, 1:29 PM EST) -- The Chapter 11 trustee for failed ethanol maker Clean Burn Fuels LLC, appointed after Perdue BioEnergy LLC's defeated bid for a Chapter 7 conversion, said Wednesday that there was no good reason to change the North Carolina proceeding into a Chapter 7 liquidation.

“The debtor’s rehabilitation contemplates a liquidation of its tangible assets, which has already occurred, and the successful prosecution of litigation and distribution of the proceeds to its creditors. There is nothing to suggest the absence of a reasonable likelihood of that rehabilitation occurring,”...
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