Inland Empire Oilseeds files Chapter 7 as biodiesel plant hit by soaring canola costs
In Washington state, Inland Empire Oilseeds filed for Chapter 7 bankruptcy and liquidation, listing more than $3.8 million in debts. The project, which was originally partially funded with $1 million Energy Freedom Loan from the state of Washington and $2 million in USDA loans, was owned at the time by Odessa Union Warehouse Cooperative and Reardan Grain Growers. After a closure in 2010 following the elimination of a biodiesel tax credit,
Inland Empire Oilseeds execs Joel Edmonds and Wally Kempe acquired a 75 percent equity interest in the 8 million gallon per year project. Assets are listed at $1.67 million and debts include $2.6 million to unsecured creditors and $1.2 million to secured creditors including the two original co-ops. The Odessa Public Development Authority has issued a request for proposals to reopen the plant, which closed last year when the biodiesel tax credit was again not available.
Category: Fuels
