Renewable Fuels Firm Global Clean Energy Files Bankruptcy

(Bloomberg) -- Global Clean Energy Holdings Inc., a publicly traded renewable fuels producer, has filed bankruptcy with a plan that hands control of the business to its lenders and engineering firm CTCI Americas Inc.

Bakersfield, California-based GCE filed Chapter 11 Wednesday in Texas with more than $2 billion in debt. The company said it intends to implement a restructuring deal designed to cut debt and resolve disputes with CTCI related to building a new production facility that became commercially operational in December.

GCE said the project, which included converting a crude oil refinery into a renewable fuels refinery, was plagued by years of delays and cost overruns. The company said its industry has also struggled with a surplus of biofuels, rising costs and changes to environmental tax credits. 

Under the proposed restructuring deal, CTCI would receive a combination of new debt and nearly 56% of GCE’s preferred equity. Lenders would also receive a combination of debt and equity in the reorganized business, court papers say. The restructuring plan must be approved by a bankruptcy judge.

CTCI and GCE lenders have agreed to provide $100 million in Chapter 11 financing to fund the business and the restructuring. GCE said it plans to emerge from bankruptcy in August.

The value of GCE’s shares have been declining for months after trading at $2.49 in December, according to Bloomberg-compiled data. Shares were trading as low as 10 cents early Wednesday.

The case is Global Clean Energy Holdings Inc., number 25-90113, in the US Bankruptcy Court in the District of Delaware.

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