Biodiesel producer Inland Empire Oilseeds in bankruptcy court
Odessa, Wash.-based biodiesel producer Inland Empire Oilseeds LLC is in financial straits as the company and its creditors battle it out in the Eastern Washington District of U.S. Bankruptcy Court.
Its creditors filed an involuntary Chapter 11 bankruptcy petition Dec. 21 seeking to keep Inland Empire Oilseeds operating, allowing it to restructure and repay its debts.
On Dec. 27, Inland Empire Oilseeds filed a voluntary Chapter 7 petition to liquidate its assets. In its voluntary Chapter 7 petition, the company listed its assets at $1.27 million; and its liabilities at $3.86 million, including more than $1.2 million owed to creditors with secured claims and more than $2.6 million owed to creditors in unsecured, nonpriority claims.
Petitioning creditors who filed the involuntary Chapter 11 petition against Inland Empire Oilseeds include AgVentures NW LLC, claiming it is owed just under $1.2 million; Grange Supply Co. of Odessa, with just more than $3,000 claimed; Norm Leatha, with just under $18,000 claimed; Holbrook Elevator Services Inc., with nearly $192,000 claimed; and Columbia Grain Inc., with more than $320,000 claimed, for which, according to the court documents, a judgment has already been entered.
Biodiesel Magazine phoned Inland Empire Oilseeds General Manager Joel Edmonds for comment. A message left on his voice mail was not returned by the time of publication.