Global Energy To Liquidate Non-Core Assets In Bankruptcy
The Atlanta renewable energy company stopped ethanol production last year.
November 30, 2009
Global Energy Holdings Group Inc. filed for Chapter 11 bankruptcy protection in Delaware last Wednesday and will sell non-core assets as part of its court-supervised workout.
The company listed $24.4 million in assets and $5 million in debt, according to court filings. Global Energy got out of the ethanol production business last year.
A $2.3 million market-capitalized business involved in gathering methane gas from landfills and fuels produced through algae cultivation, Atlanta's Global Energy trades on the New York Stock Exchange's Alternext U.S. board, formerly known as the American Stock Exchange.
In September, Global Energy agreed to sell an ethanol facility in Iowa for an undisclosed sum.
Judge Peter Walsh is overseeing Global Energy's bankruptcy case, filed under No. 09-14192.
Archer & Greiner attorney Charles Brown is serving as counsel to Global Energy.
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