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...
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