CWT files for bankruptcy protection

By Ron Kotrba | March 09, 2009
Web exclusive posted March 10, 2009, at 1:22 p.m. CST

Renewable diesel producer, Changing World Technologies Inc., announced March 4 that the company and its three wholly-owned subsidiaries filed for Chapter 11 bankruptcy protection.

According to CWT, the filing was done to preserve the value of the company because debt obligation deadlines were approaching and the company had been unsuccessful in obtaining outside financing.

"CWT has significantly downsized its operations during this reorganization process, which included the laying off of the majority of its workforce," the company stated. CWT's three subsidiary companies are Resource Recovery Corporation Inc.; Thermo-Depolymerization Process LLC; and Renewable Environmental Solutions LLC.

The 8 MMgy CWT renewable diesel plant in Carthage, Mo., uses turkey waste in a thermal depolymerization process to make fuel for the stationary power market. Biodiesel and renewable diesel crossed paths when the Energy Policy Act of 2005 included subsidy provisions for biodiesel and renewable diesel, after which the IRS incorrectly interpreted "thermal depolymerization" to include "green" diesel coprocessed with petroleum feedstock in conventional oil refinery equipment.

The Chapter 11 case is pending in the U.S. Bankruptcy Court for the Southern District of New York under case number 09-10977. CWT will continue looking for more debt and equity financing to fund operations and perhaps even future expansion.
 
 
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