Kansas-based Crescent Oil Company has filed for bankruptcy after failing to make deliveries last week to many retailers the company serves in the Midwest. The sudden move comes just two weeks after Crescent took part in a grand opening for NewGen Fuels, a joint venture with ethanol plant owner/designers ICM and POET.
Officials with NewGen say their goal to offer “new generation” ethanol-blended fuels at hundreds of retail outlets remains the same, but the timing could be affected.
NewGen President Alan Goodnight was quoted in the Wichita Business Journal. “We’re still focused on the mission of NewGen,” Goodnight says. “We don’t see these unfortunate events in any way changing the mission or changing our objective. Crescent Oil was also a partner in NewGen LLC and still is.”