Vireol Bio Energy will pay 23 cents on the dollar for $4.98 million in debt claims

July 14, 2016 |

In Virginia, creditors to Vireol Bio Energy will pay 23 cents on the dollar for $4.98 million in debt claims, far better than the other proposed offer of 5 cents on the dollar. The settlement also wipes out about $20 million in debt claims by UK-based Future Fuels that owned the ethanol facility in Hopewell and leased it to Vireol. It was ruled that the companies were too closely linked and should be liable for debts, not owed, so in exchange for dropping the debt claim will be immune from future suits that debtors could potentially file against the company in the future.

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Category: Fuels

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