On March 9, 2009, Northeast Biofuels, L.P. filed a motion seeking approval of bidding and sale procedures to govern the sale of substantially all of its assets. Northeast Biofuels has been developing a 100-million-gallon-per-year ethanol plant in Fulton, New York since June 2006. The facility will be the largest facility of its kind in the northeastern United States when it is completed. However, the facility has not yet been completed as a result of disputes between the company and its contractor.
The motion proposes a hearing on the proposed bidding procedures for the week of March 16, 2009, a bid deadline of April 9, 2009, an auction on April 14, 2009 and a sale hearing on April 17, 2009. Bids would be required to be accompanied by a 10% cash deposit. Northeast Biofuels is proceeding without a stalking horse bidder for the assets.
Download copies of every document filed in the Northeast Biofuels bankruptcy case and the bankruptcy cases of over 500 other major corporations using netDockets. Sign up now for a free trial account and $100 of free research.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: chapter 11, bankruptcy, ethanol, bankrupt, auction, hearing, plant, sale, asset, deadline, sell, bid, procedure, stalking, horse, northeast, biofuels
On March 9, 2009, Bruno’s Supermarkets, LLC sought authority from the bankruptcy court to reject its collective bargaining agreements with the United Food & Commercial Workers Union, Local 1657. Bruno’s employs 2,600 union employees subject to four collective bargaining agreements with the union.
You can find the rest of this posting at our new blog location: www.netdocketsblog.com.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: union, CBA, reject, sale, asset, sell, agreement, store, workers, united, food, commercial, collective, bargaining, supermarket, bruno's, bruno, local 1657
On March 8, 2009, Pacific Energy Resources Ltd. and seven affiliates filed voluntary chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware. Collectively, the companies operate as an independent energy company engaged in the acquisition, development and exploitation of oil and gas properties in the western United States.
Pacific Energy Resources is a Delaware corporation headquartered in Long Beach, California. Its common stock is traded on the Toronto Stock Exchange.
Currently, the company’s assets are located offshore near California and in Alaska, all of which were acquired beginning in the fourth quarter of 2006 and continuing throughout 2007. However, other companies have a majority working interest and are the designated operator of some of the company’s assets. Specifically, each of Aurora Gas, LLC and an affiliate of Chevron Corporation hold majority working interests in certain of the company’s Alaskan assets.
The company reported that it it first was in default under three of its secured credit facilities in March 2008. Its cash flow worsened in the fourth quarter of 2008 and it entered into forebearance agreements with its secured lenders beginning on December 19, 2008. However, the last forebearance period expired on February 17, 2009 and the lenders provided the company with notice that it was in default under the same three facilities. The company ultimately determined that it could no longer operate outside of chapter 11.
Download copies of every document filed in the PERL bankruptcy case and the bankruptcy cases of over 500 other major corporations using netDockets. Sign up now for a free trial account and $100 of free research.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events · New Bankruptcy Filings
Tagged: Energy, chapter 11, bankruptcy, delaware, petition, bankrupt, voluntary, filing, file, resources, stock, pacific, toronto, exchange
