A Texas-based biodiesel maker has filed for Chapter 11 bankruptcy in an attempt to reorganize and stay afloat.
This story from Reuters says Nova Biosource Fuels of Houston has hit some tough times in the alternative fuels biz, including last week’s posting of an $11 million first-quarter net loss:
The company has up to $50 million of both liabilities and assets, it said in a filing with the U.S. Bankruptcy Court in Delaware. Nova Biosource, which produces diesel from animal-derived fats, greases and vegetable-based oils, lists five refineries on its website.
Those refineries include facilities in Iowa, Montana, Wisconsin, Mississippi and Illinois.
Now, it appears the company is trying to stay in business, and that’s good news for the business. Maybe if they can hold on through these lean times, they’ll emerge on the other side much stronger and built for the long term.