R Power Biofuels to auction off stake in North Star Biofuels after $3m Agri Beef lawsuit
In California, R Power Biofuels will be auctioning off their 10% stake in North Star Biofuels. The biodiesel plant is located in Watsonville, California and produces around 13 million gallons annually. The auction will take place on October 7 and will be handled telephonically by Heritage Global Partners.
R Power Biofuels and the other stakeholders in North Star Biofuels were recently sued by Agri Beef for $3 million. Agri Beef loaned the startup $9 million in 2012 to begin construction of its facility. North Star defaulted on loan agreement when the plant failed to become commercially operational in June 2014. Agri Beef also seeks to foreclose on the collateral owned by the stakeholders, such as the intellectual property rights.
Category: Fuels
