Nova Biosource Fuels, Inc. (Amex: NBF), a refiner and marketer of biodiesel announced last week that it and certain of its subsidiaries filed voluntary petitions for relief under chapter 11 bankruptcy.
The Companies are seeking first day motions requesting approval from the Bankruptcy Court to permit the Companies to continue to manage their properties and operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court.
Certain of the Company’s subsidiaries were not included in the Chapter 11 filing, though specific details were not given by Nova Biosource.
Nova owns two biodiesel refineries: one in Seneca, Illinois with a nameplate capacity of 60 million gallons per year and one in Clinton, Iowa with a nameplate capacity of 10 million gallons per year.
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