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Articles tagged with: bankruptcy

BioAmber Files for Chapter 11 in both US and Canada
May 8, 2018 – 12:56 pm | No Comment

by Meghan Sapp (Biofuels Digest)  In Canada, BioAmber Inc. announced that it filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code and that its two Canadian subsidiaries, BioAmber Sarnia Inc. and BioAmber …

Refinery Workers Return to Capitol Hill to Rally for Renewable Fuel Standard Reform
April 25, 2018 – 6:37 pm | No Comment

(United Steelworkers/PR Newswire)  The United Steelworkers (USW) today said that on Thursday, April 26, about 100 workers from independent merchant oil refineries owned by Monroe Energy, Philadelphia Energy Solutions (PES) and PBF Energy will rally for …

Exclusive Report: The Federal Biofuel Mandate ‘Has Failed To Achieve Its Policy Goals’
April 19, 2018 – 6:47 pm | No Comment

by Michael Bastasch (The Daily Caller)  The federal biofuel mandate “has failed to achieve its policy goals while imposing significant other costs on consumers,” according to a new report.
Americans paid out nearly $77 billion in additional fuel …

Bankruptcy Judge Lets Refiner off the RFS Hook
April 5, 2018 – 12:30 pm | No Comment

by Kelsey Tamborrino (Politico’s Morning Energy)  A Delaware Bankruptcy judge approved a consent decree between EPA and bankrupt refiner Philadelphia Energy Solutions, allowing PES to get out of much of its obligation under the Renewable Fuel …

How EPA Is Destroying Demand for Ethanol and Corn
April 2, 2018 – 11:23 am | No Comment

by Cindy Zimmerman (Energy.AgWired.com)  Recent actions by EPA have effectively reduced the Renewable Fuel Standard conventional renewable volume obligation (RVO) for 2016 by more than 1 billion gallons, and the agency appears poised to take similar …

BIO Comments on Proposed Settlement Agreement Between EPA and Philadelphia Energy Solutions on RFS Obligations
April 2, 2018 – 11:06 am | No Comment

(Biotechnology Innovation Organization)  BIO is greatly concerned by the Department of Justice’s and Environmental Protection Agency’s proposed Settlement Agreement to resolve a dispute about the PES Holdings’ obligations under the Renewable Fuel Standard.


This Settlement Agreement …

RFA Leader: EPA Eroding RFS — Assistant to President Says Search Continues for a Win-Win Proposal
March 22, 2018 – 12:54 pm | No Comment

by Chris Clayton (DTN The Progressive Farmer)   A special assistant to President Donald Trump on agriculture said Wednesday, “the search for a win-win continues” in the debate over how to relieve oil refiners of their obligations …

10-Day Comment Period on PES Settlement Agreement Closes March 26
March 21, 2018 – 5:11 pm | No Comment

by Ron Kotrba (Biodiesel Magazine)  The public comment period opened March 16 after publication in the Federal Register on the proposed consent decree and environmental settlement agreement lodged by the U.S. Department of Justice with the U.S. Bankruptcy …

UPDATE 2-Pennsylvania Says Bankrupt Refiner Owes $3.8 bln in Taxes – Filing
March 20, 2018 – 4:11 pm | No Comment

by  Jarrett Renshaw (Reuters)  The state of Pennsylvania wants a federal judge to halt the bankruptcy of Philadelphia Energy Solutions (PES), arguing the refiner owes an estimated $3.8 billion in fuel taxes, according to a court …

Refiners Try to Hold Trump’s Attention
March 14, 2018 – 11:20 am | No Comment

 (Politico’s Morning Energy)  With a settlement between refiner Philadelphia Energy Solutions and EPA in hand and voting in the Pennsylvania special election over, some biofuels observers think the issue may fall off Trump’s radar. A biofuels …

Rick Santorum: Stop the Attacks on Farmers, Homegrown Energy
March 13, 2018 – 2:04 pm | No Comment

by Rick Santorum (Washington Examiner)  This January, I authored a column defending President Trump and rural champions in Congress who had come under attack by refineries for their support of American-made biofuels. A Republican Pennsylvania state legislator, Rep. …

EPA Spares Philly Refiner in Bankruptcy Settlement
March 13, 2018 – 1:21 pm | No Comment

by Kelsey Tamborrino (Politico’s Morning Energy) EPA will allow bankrupt refinery Philadelphia Energy Solutions to meet only a portion of its outstanding obligation under the Renewable Fuel Standard as part of a settlement filed with …

White House Postpones Talks on US Biofuel Mandate: Refinery Source
March 13, 2018 – 11:22 am | No Comment

by Meghan Gordon bankr(Platts)  The White House has postponed a fourth round of talks between refinery and biofuel interests about reforming the US biofuel mandate, according to a refinery source close to the negotiations.
The meeting set …

UPDATE 1-U.S. Refinery Workers Head to Washington to Urge Biofuels Reform
March 7, 2018 – 1:42 pm | No Comment

by Jarrett Renshaw (Reuters)  A delegation of workers from U.S. oil refining companies that oppose the nation’s biofuels policy will converge on Washington on Wednesday to lobby lawmakers to find a way to lessen the regulation’s …

New Study: Nearly 50,000 Iowa Jobs Tied to Biofuels
March 6, 2018 – 6:19 pm | No Comment

by Rod Swoboda (Wallaces Farmer)  With a White House meeting being held last week to discuss the fate of the Renewable Fuel Standard, a new study finds nearly 50,000 Iowa jobs are tied to biofuels production.
Efforts …

“That’s Chuck Grassley. Should I Take the Call?” Klobuchar Keynote Ignites ABLC
March 5, 2018 – 3:56 pm | No Comment

by Jim Lane (Biofuels Digest)  In Washington, an unplanned on-stage telephone conversation between Senators Amy Klobuchar and Senator Charles Grassley of Iowa was the highlight of ABLC 2018 as high drama at the White House …

White House Pushes for More Talks after ‘No Deal’ on Biofuels
February 27, 2018 – 4:13 pm | No Comment

by Jarrett Renshaw (Reuters)   U.S. President Donald Trump has asked for more talks between representatives of the oil and corn industries after a meeting on Tuesday failed to yield an agreement on how to help …

Exclusive: Trump Calls Meeting on Biofuels Policy after Refiner Bankruptcy
February 26, 2018 – 1:01 pm | No Comment

by Jarrett Renshaw (Reuters)  U.S. President Donald Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to biofuels policy, which is coming under increasing pressure after a …

Ethanol Industry Speaks out against PES Anti-RFS Rally
February 21, 2018 – 6:05 pm | No Comment

by Erin Voegele (Ethanol Producer Magazine)  On Feb. 21, Sen. Ted Cruz, R-Texas, spoke at a rally against the Renewable Fuel Standard hosted by Philadelphia Energy Solutions Inc., a refiner that recently blamed the RFS and …

Refiner Goes Belly-up after Big Payouts to Carlyle Group
February 20, 2018 – 10:51 am | No Comment

by Jarrett Renshaw  (Reuters)  Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload.
Although little oil flowed, plenty of …

American Energy Dominance Won’t Come from Turning Back the Clock
February 8, 2018 – 10:27 am | No Comment

by Mike Carr (The Hill/New Energy America)  President Trump has pledged a theme of “energy dominance.” It’s not the first time Washington has had this thought. During the years I worked at the Senate Energy and Natural …

Grassley: RFS Has Minimal Impact on Success of Refineries
February 6, 2018 – 7:09 pm | No Comment

by Erin Voegele (Ethanol Producer Magazine)  Sen. Chuck Grassley, R-Iowa, has released a memo produced by his energy policy staff that finds that Renewable Fuel Standard blending requirements and the cost of renewable identification numbers (RINs) …

Bankrupt Refiner Made Missteps
February 5, 2018 – 2:56 pm | No Comment

by Bob Dinneen (Renewable Fuels Association/Washington Times)  The oil industry’s campaign to undermine the growth of domestically produced renewable fuels such as ethanol has certainly been ramped up lately. Today they’re callously capitalizing on the financial …

What’s the Real Story behind Philadelphia Energy Solutions’ Bankruptcy, Crude Oil, and the Renewable Fuel Standard?
February 2, 2018 – 2:20 pm | No Comment

by Joelle Simonpietri (Biofuels Digest)  On Jan 21st 2018, Carlyle-backed Philadelphia Energy Solutions(PES), the largest refinery complex on the U.S. east coast at 335,000 barrels per day, filed for Chapter 11 bankruptcy, blaming Renewable Fuel Standard (RFS) compliance costs. In the week …

Refiner Bankruptcy Adds to Pressure to Overhaul Biofuel Program
February 1, 2018 – 12:15 pm | No Comment

by Jennifer A Dlouhy and Mario Parker (Bloomberg)  Biofuel mandate overhaul mulled by Congress after bankruptcy; Unions and Pennsylvania politicians seek immediate action  —  The bankruptcy of Philadelphia Energy Solutions LLC, the biggest refiner on the U.S. East Coast, has invigorated efforts …

Ethanol Group Urges US EPA to Limit RFS Waivers to Small Refineries
January 26, 2018 – 3:44 pm | No Comment

by Meghan Gordon (Platts)  A major US ethanol trade group is urging the Environmental Protection Agency to be more transparent in weighing requests from small refineries to get out of their obligations under the US biofuel mandate.
EPA …

Exclusive: U.S. Small Refiners Make Surge of Biofuel Waiver Requests – Sources
January 25, 2018 – 12:50 pm | No Comment

by Jarrett Renshaw (Reuters)  More than two dozen small U.S. refineries are seeking waivers from the nation’s biofuels law, an unusually high number that reflects growing oil industry resistance to the program, according to sources familiar …

Beta Renewables in Cellulosic Ethanol Crisis, as Grupo M&G Parent Files for Restructuring
October 31, 2017 – 3:01 pm | No Comment

by Jim Lane (Biofuels Digest)  “Italian newspapers reported over the weekend that cellulosic ethanol developer Mossi & Ghisolfi shuts down this week,” reported a source from Europe. “227 people of whom 121 from the Crescentino ethanol …

Brazil’s Biofuel Push Is Threatened by Too Much Cheap Oil
October 24, 2017 – 4:35 pm | No Comment

by Vanessa Dezem and Fabiana Batista (Bloomberg Technology)  Brazil leading international effort to expand industry; Biofuel investments worldwide are down 25% this year  …  Brazil is positioning itself as a global biofuels ambassador, fighting climate change by spurring demand …

Film About the Farm Crisis of the 80s Sets the Stage for What’s to Come
June 5, 2017 – 3:55 pm | No Comment

by Siena Chrisman (CivilEats.com)  ‘Homeplace Under Fire,’ The new film from Farm Aid, profiles the heroes of 1980s Farm Crisis and sets the stage for the next round of farm losses.  —  … A New Farm Crisis …

Are Advanced Biofuels Ready for Takeoff?
May 23, 2017 – 3:31 pm | No Comment

by John Fialka (E&E News/Climatewire)  … As a major U.S. exporter that has dealings with over 150 countries, Boeing had worked with airlines in the development of more fuel-efficient aircraft and better flying practices. Now it helped …

Sinatra Bio: Ol’ Brew Eyes is Back
December 12, 2016 – 11:30 am | No Comment

by Jim Lane (Biofuels Digest)  … Bottom line, Abengoa Bioenergy Biomass of Kansas closed the sale of its cellulosic ethanol plant located in Hugoton, Kansas under the US Bankruptcy Code. Ocean Park was the sell-side advisor …

Court Accepts $48.5M Bid for Abengoa Hugoton from Synata Bio
December 2, 2016 – 1:26 pm | No Comment

by Susanne Retka Schill (Ethanol Producer Magazine)  The Kansas district bankruptcy court approved the top bid for Abengoa Bioenergy Biomass of Kansas in an order signed Nov. 29 by Judge Robert Nugent. Synata Bio Inc. …

KiOR: The Inside True Story of a Company Gone Wrong. Part 5, The Collapse
November 25, 2016 – 12:41 pm | No Comment

by Jim Lane (Biofuels Digest)  In 2011, KiOR raised $150 million in its June IPO, claiming that it was generating yields of 67 gallons per ton in its Demo unit operations. But it was miles …

Shell Oil Company Agrees to Buy Kansas Cellulosic Ethanol Plant
October 14, 2016 – 2:16 pm | No Comment

(DTN/Progressive Farmer/KOOL)  Shell Oil Company has agreed to buy Abengoa Bioenergy’s cellulosic ethanol plant in Hugoton, Kansas, for what could be a significantly discounted price of $26 million, according to court documents filed Wednesday in …

Kansas Cellulosic Plant to Sell
August 25, 2016 – 2:36 pm | No Comment

by Todd Neeley (DTN The Progressive Farmer)  Abengoa Cellulosic Ethanol Plant Draws Wide Interest — … Mark Fisler, managing director of Los Angeles-based Ocean Park Advisers, the company hired by Abengoa to sell the biomass-based ethanol …

Abengoa Plants Go to Green Plains: Ethanol’s Jolly Giant Gets Bigger
August 24, 2016 – 7:12 pm | No Comment

by Jim Lane (Biofuels Digest)  In Nebraska, word has arrived from Green Plains that it will purchase the Madison, Ill., Mount Vernon, Ind. and York, Neb. ethanol facilities from Abengoa Bioenergy with combined annual production …

Bio Ethanol Dung Quat Closed for Unpaid Debts
July 27, 2016 – 11:20 pm | No Comment

(BizHub)  The Bio Ethanol Dung Quat Plant was closed for defaulting on the VND1.3 trillion debt it owed the banks, the State Bank of Viet Nam’s Quang Ngai Province branch said.
The branch confirmed the information …

Abengoa’s Hugoton Cellulosic Ethanol Project Goes on the Block
July 19, 2016 – 10:53 am | No Comment

by Jim Lane (Biofuels Digest)  In Missouri, Ocean Park Advisors has been retained by Abengoa Bioenergy to find a strategic partner or to complete a sale of Abengoa cellulosic ethanol plant, electricity cogeneration plant and …

KiOR: The Inside True Story of a Company Gone Wrong– Parts 1 and 2
May 18, 2016 – 12:03 pm | No Comment

by Jim Lane (Biofuels DIgest)  … Old KiOR was exciting, dramatic, and fast, and the headlines it produced between 2008 and 2011 were candy for a renewables-hungry world.
A Breakthrough in Catalytic Pyrolysis to make cost-competitive, drop-in …

Oil Market Manipulation Is Alive and Well
May 13, 2016 – 4:53 pm | No Comment

by Jim Talent (Americans for Energy Security and Innovation/The Hill)  Opponents of the Renewable Fuel Standard (RFS) claim that the free hand of an unrestricted marketplace will guide biofuels into our fuel supply, driving economic …

U.S. Shale Oil Firms Feel Credit Squeeze as Banks Grow Cautious
April 12, 2016 – 5:46 pm | No Comment

by Swetha Gopinath and David Henry (Reuters)  Nearly two years into an epic oil rout, U.S. shale drillers that have upended global energy markets are finally feeling a credit squeeze as banks make their biggest …

$85 Crude Oil By Christmas – An Interview With Mike Rothman
April 11, 2016 – 6:58 pm | No Comment

by Nick Cunningham (OilPrice.com)  Global supply still exceeds demand, but there are solid signs that the overhang is finally starting to ease. Storage levels are high, but are expected to come down.
Where does that leave …

Ethanol Plants in Troubles as Vietnam’s Plan to Boost Biofuel Fails
April 6, 2016 – 4:28 pm | No Comment

(Tuoi Tre News)  An ambitious plan by the Vietnamese government to encourage the use of biofuel, or ethanol-mixed petrol, is not working as well as expected, sealing the fate of three multimillion-dollar ethanol plants.
The ethanol …

Ethanol Bust Adds to U.S. Fuel Glut and Losses Across Corn Belt
March 23, 2016 – 1:36 pm | No Comment

by Mario Parker (Bloomberg Business) … Back in 2007, when crude oil was headed toward a record $147.27 a barrel, ethanol was being touted as a cheap alternative from abundant domestic resources. The U.S. is the …

Biofuel or Biofraud? The Vast Taxpayer Cost of Failed Cellulosic and Algal Biofuels
March 14, 2016 – 3:32 pm | No Comment

by Almuth Ernsting (Independent Science News) … The disastrous experience with Fischer-Tropsch biofuels is just one part of a much larger failure of cellulosic and algal biofuels, on which billions of dollars of public subsidies have been …

The Shale Reckoning Comes to Oklahoma
March 11, 2016 – 9:18 am | No Comment

by Asjylyn Loder (Bloomberg BusinessWeek)  … The excitement made it easy to ignore one big problem: It was one of the most expensive booms in history. Devon, Chesapeake, SandRidge Energy, and Continental Resources were spending almost …

Chasing Viability: The Digest’s 2016 8-Slide Guide to the Abengoa Viability Plan
March 8, 2016 – 1:27 pm | No Comment

by Jim Lane (Biofuels Digest) Last month, Abengoa Bioenergy US Holding, LLC filed for Chapter 11 bankruptcy relief in the US Bankruptcy Court for the Eastern District of Missouri on behalf of itself and 5 of its …

“Lack of Collateral” Damage: Abengoa’s Descent into Fiscal Hell, and Its Hopes for Redemption
March 8, 2016 – 1:18 pm | No Comment

by Jim Lane (Biofuels Digest)  … Last week, we reported that potential buyers of Abengoa Bioenergy’s six first generation ethanol facilities have been looking at acquiring the assets even before the company’s announcement that they would …

Abengoa Bioenergy Files for Chapter 11 for Parent and 5 Subsidiaries
February 25, 2016 – 8:11 pm | No Comment

by Jim Lane (Biofuels Digest)  In Missouri, Abengoa Bioenergy US Holding, LLC filed for Chapter 11 bankruptcy relief in the US Bankruptcy Court for the Eastern District of Missouri on behalf of itself and 5 of its …

Is the Climate Changing for Fossil Fuel Investments?
February 24, 2016 – 5:39 pm | No Comment

(Morgan Stanley)  As the world embraces a low-carbon economy, should investors change how they view fossil fuel investments?  —  … Most investors interested in establishing a fossil-fuel aware portfolio can follow a four step roadmap to …

Crisis in Brazilian Sugarcane Industry with Closures and Redundancies
July 15, 2015 – 12:07 pm | No Comment

by Marcelo Toledo from Ribeirao Preto (Folha de S.Paulo)  The pessimistic predictions of the Brazilian sugarcane industry for 2015/16 appear to be coming true, with plant closures, redundancies and requests for judicial recovery.  This is …

Mississippi Files Fraud Lawsuit against Khosla over KiOR
January 16, 2015 – 2:43 pm | No Comment

by Jeff Amy  (The Dispatch/Associated Press)  The state of Mississippi has sued billionaire Vinod Khosla and others, saying they knew long ago that bankrupt biofuel firm KiOR had poor prospects for success, but misled the …

Billionaire Vinod Khosla’s Big Dreams for Biofuels Fail to Catch Fire
November 30, 2014 – 3:44 pm | No Comment

by Steven Mufson (The Washington Post)  Just over a year ago, billionaire venture capitalist Vinod Khosla was bubbling with optimism about one of his latest investments: KiOR, a biofuel outfit he said would turn wood …

Analyst: KiOR Columbus Plant May End up Sold as Scrap
November 21, 2014 – 4:05 pm | No Comment

by Jack Weatherly (Mississippi Business Journal)   Finding a buyer for the idled KiOR biofuels plant at Columbus would be a tough sell, according to Pavel Molchanov, an equity analyst who had covered Pasadena, Texas-based …

Ethanol Plant Faces Wrecking Ball
May 3, 2013 – 12:49 am | No Comment

by Katy Stech (The Wall Street Journal) Struggling Fuel-Making Facilities Are in Danger of Falling to Liquidators Before Market Recovers
When the New Energy Corp. ethanol plant in South Bend, Ind., was idled by its bankruptcy …