Hoosier Biofuel Company Files Chapter 7 Bankruptcy

E-biofuels LLC of Middletown, Indiana, has recently filed for Chapter 7 bankruptcy, listing $17.3 million in debts and $11.4 million in assets. E-biofuels is owned by Imperial Petroleum Inc, whose subsidiaries include Arrakis Oil Recovery LLC and Ridgepointe Mining Co. Secured creditors include First Merchants Bank, Ultra Green Energy Services and Ciena Capital LLC.

E-biofuels began operations in 2007 with the capacity to produce 10 million gallons of biodiesel annually, according to the Indiana Department of Agriculture. Whether the company ever came close to producing that amount is unclear, writes Scott Olson for www.ibj.com; a federal lawsuit filed against E-biofuels in 2008 by Houston-based Vinmar Overseas Ltd. suggests it did not, the article states.

A federal judge had ordered E-biofuels to pay Vinmar $930,546 for its claim that E-biofuels had not supplied it with the requisite 500,000 gallons of biodiesel. E-biofuels paid off the judgment last year according to the bankruptcy filing.

Indiana has four remaining biodiesel plants that together are capable of producing over 100 million gallons of fuel each year.

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