Northeast Biofuels Enters Ch. 11 Amid Plant Woes

Law360, New York (January 15, 2009, 12:00 AM EST) -- Blaming its contractor’s failure to complete its facility on time, ethanol production startup Northeast Biofuels LP and associated companies have filed for Chapter 11 bankruptcy in hopes of reworking loan agreements.

Northeast Biofuels, along with NEB Holdings LP and NEB GP Inc., filed Chapter 11 petitions Wednesday in the U.S. Bankruptcy Court for the Northern District of New York, listing assets of about $167 million and liabilities of $174.5 million as of Nov. 30.

For the eleven-month period that ended Nov. 30, the company suffered losses...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.