$11M Loss Pushes Nova Biosource Into Ch. 11

Law360, New York (April 3, 2009, 12:00 AM EDT) -- Biodiesel company Nova Biosource, along with several subsidiaries, has filed for Chapter 11 bankruptcy after reporting an $11 million loss in the first quarter of the fiscal year, and says it plans to continue operating its business while in bankruptcy.

According to Nova's bankruptcy petition, filed March 30 in the U.S. Bankruptcy Court for the District of Delaware, the company has over $100 million in assets and between $50 million and $100 million in liabilities.

Last month, Nova announced that as of Jan. 31, the company...
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