Bankruptcy Petition Against Energy Co. Dismissed

Law360, New York (December 11, 2007, 12:00 AM EST) -- A judge has dismissed an involuntary bankruptcy petition filed against alternative energy company Earth Biofuels Inc. in a move that ends a volatile chapter in the company's history.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Connecticut dismissed the petition Monday after the parties reached a settlement agreement. However, the company's future still seems bleak.

The case against the company began in July, when a number of investors accused it of generally failing to pay debts when due. The petitioners were...
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