Nova Bioresource Fuels files for bankrutpcy as another biofuels company sinks under low prices, high costs

In New York, Nova Biosource Fuels announced that it has filed for bankruptcy, citing the crash in energy prics. The company said that it has $50 million in liabilities and assets. Nova produces biodiesel from fats, oils and greases, and said that it had a total of five refineries.

The company posted an $11 million first quarter loss, and included 10 affiliates in the bankruptcy filing. Nova joins other high-profile bankruptcies such as VeraSun Energy, and a filing may be imminent from Aventine Renewable Energy which is attempting to restructure outside of court. The bankruptcy petition will be heard in Delaware.

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