Alliance Bioenergy Plus restructures debt

February 5, 2019 |

In Florida, Alliance Bioenergy Plus announced that a number of former insiders have agreed to subordinate over $2 million in debt so that repayments are only due out of future profits.  Alliance has successfully renegotiated down other smaller debts and continues its efforts to renegotiate additional obligations.

Two disputes remain outstanding, one with the Company’s former Controller and the other with a lender, Lucas Hoppel.  Alliance has filed counterclaims, which management believes have merit, against both of these parties.  Detailed information related to these disputes as well as our current debt status are available at the United States Bankruptcy Court for the Southern District of Florida, Case number 18-23071.

Alliance continues to believe that it can reach a global agreement with its legitimate creditors, with minimal dilution to existing shareholders, under a chapter 11 plan which will allow it to exit bankruptcy with an appropriate reserve for any disputed claims that may remain.

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Category: Fuels

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