Ethanol Producer White Energy Files Chapter 11
White Energy follows several of its industry peers that similarly filed for bankruptcy protection in recent months.
May 11, 2009
White Energy, a Dallas-based ethanol company, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on May 7.
White Energy was established near the height of the renewable energy boom in the U.S. in 2005 to build and acquire ethanol projects, and its three operating plants located across Texas and Kansas can generate about 260 million gallons of ethanol per year.
White Energy’s assets and liabilities both fall in the range of between $100 million and $500 million, and the company has no more than 49 creditors, according to the court filing. Agricultural giant Archer Daniels Midland is the ethanol producer’s largest creditor and is owed about $2.9 million for grains it supplied to White Energy.
White Energy follows several of its industry peers that similarly filed for bankruptcy protection in recent months. Aventine Renewable Energy Holdings began its bankruptcy proceedings last month, while VeraSun Energy filed in November and has been going through a restructuring process ever since.
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