Investors have stepped in to give troubled Imperium Renewables, which operates a 100-million gallon biodiesel refinery in the Seattle area, a boost to repay some of its debts.
This story from the Seattle Times says Imperium has also hired a third-party debt restructuring firm to help it negotiate down debt with other creditors:
“With this recapitalization and cooperation of our creditors, we hope to resume operations as soon as possible,” said Chief Executive John Plaza in a statement.
Neither the sum contributed by investors nor the total outstanding debt were disclosed.
Closely held Imperium raised significant amounts of cash and obtained a $41 million loan and a $60 million credit facility from Societe Generale as it built one of the nation’s largest biodiesel plants, the first in a planned global network.
But plans for further expansion and a public stock offering were scrapped as the company struggled with the high cost of raw materials and financial markets unreceptive to biodiesel ventures.
Officials believe that this will be significant step in turning the company’s fortunes around but admit it still has an uphill battle ahead.
The U.S. House of Representatives has reversed direction from just a week ago and approved 263-171 the Senate’s version of the $700 billion bill to fix the nation’s financial crisis.
Major U.S. pipeline company 
As some folks call for more offshore drilling of non-renewable petroleum, a place known for its beautiful beaches is looking to biodiesel as an alternative to drilling platforms breaking up that breath-taking views.
The world’s leading producer of camelina… a non-food oilseed… is teaming up with the University of North Dakota to produce biodiesel jet fuel from the grain.
Here at Davis Debate Central once again tonight… OK, so it’s just my couch as I blog with my laptop on my lap and watch the Vice Presidential debate… as Democrat Sen. Joe Biden and Republican Gov. Sarah Palin duke it out.
POET became the largest producer of ethanol in Ohio this week with the grand opening ceremony for their second ethanol production facility in Fostoria. POET Biorefining – Fostoria is POET’s 25th ethanol plant.
“It is always an exciting day when we can open another facility such as this that helps expand the ethanol industry,” said Ryan Hunter-Reay. “The industry has made great strides in the last few years and I am proud to be associated with it.”
Not only is the fuel they sell green, but a new biodiesel and ethanol station near Lake Tahoe, Nevada will be good for the environment as well.
The fueling station is unique in that it has applied for LEED silver certification, a prestigious green building designation. Features include outdoor lighting that uses LED bulb technology, which reduces energy consumption up to 70 percent and reduces light pollution in the night sky. Solar tubes were installed in the restrooms to eliminate the need for daytime lighting along with flush toilets that reduce the amount of water consumed per use. Furnishings include cabinets made of fast-growing bamboo plywood and recycled countertops.
“My administration will reduce the price of food by eliminating the subsidies for ethanol and agricultural goods,” McCain told an invitation-only group at the Harry Truman Library in Independence, Missouri. “These subsidies inflate the price of food, not only for Americans but for people in poverty across the world, and I propose to abolish them.”