The recent downturn in the biofuels market claimed a victim this week, as New Jersey biodiesel producer U.S. Bioenergy of America, Inc. filed for bankruptcy protection.
Court records from the U.S. Bankruptcy Court in Trenton showed that the Edison, New Jersey-based company listed debts of $10 million to $50 million and assets between $1 million and $10 million. The company has production plants in Colorado.
The price of soy, which is the main feedstock used for biodiesel in the U.S., has soared in recent months, hitting a record high of more than $13 a bushel this week. The price increased reportedly are the result of global demand for vegetable oils for both food an fuels.
Earlier this month, SustainableBusiness.com reported that Imperium Renewables, Inc., the largest biodiesel producer on the West Coast, withdrew its plan for an initial pubic offering, saying conditions in the present market were unfavorable.
In addition, Imperium Chairman and CEO Martin Tobias left the Seattle-based company late last month.
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