Earth Biofuels near reorganization announcement, newspaper reports

Speculation increased that Earth Biofuels will announce a reorganization as the company runs out of cash, defaults on financing arrangements, and faces bankruptcy proceedings forced by creditors. The company lost $60.2 million in the first six months of the year on $13.4 million in revenue. The Dallas News reported today that an announcement may be imminent.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Friends of the Earth report blasts D1 Oils over Swaziland jatropha activities; D1 Oils blasts right back

In the UK, a war of words erupted yesterday between D1 Oils and Friends of the Earth over a FOE report, “Jatropha – wonder crop?”, that investigates claims made by UK biofuels company D1 Oils ab...

Verenium continues management reorganization; snags VP of operations from Cargill’s NatureWorks

In Louisiana, reorganization of Verenium's management team continued with the appointment of Carey A. Buckles as VPof Biofuels Operations, reporting to EVP Gregory Powers. The position will have overs...

Biofuels Digest Index leaps 5.61 percent to 66.86 as broad market rallies

The Biofuels Digest Index™ (BDI), a basket of public biofuels stocks, gained 5.61 percent Friday to close at 66.85 as the broader markets advanced on announcement of a US government-led reorganizati...

Earth Biofuels exits Washington state ethanol project; partner seeks completion funding

The Bellingham Herald reports that development of a 36 million gallon ethanol facility at Moses Lake is temporarily on hold after Earth Biofuels defaulted on its funding obligation. Liquifaction Corp ...

Five Pacific Ethanol production units file for Chapter 11 bankruptcy

In California, the five individual ethanol production subsidiaries of Pacific Ethanol filed for Chapter 11 bankruptcy reorganization yesterday, citing high feedstock prices, low ethanol prices and the...

New Holland OKs B100 in all company-built diesel engines

New Holland announced that B100 biodiesel is acceptable in 80 percent of its diesel-engine powered vehicles, and 100 percent of its vehicles that use New Holland-built diesel engines. The company has ...