Global Energy determined that it was prudent to file for Chapter 11 at this time in order to restructure its business under the protection of the bankruptcy court. In 2008, the company focused its operations on the development of renewable energy projects, such as biomass gasification and landfill gas-to-energy projects, and chose to exit its legacy ethanol business.
Global Energy will continue an orderly liquidation of its non-core assets and develop business opportunities upon which it may structure its emergence from Chapter 11. The decision to pursue reorganization under Chapter 11 came after efforts to improve the company’s liquidity and pursue strategic alternatives.
Along with the filing of the five voluntary petitions, Global Energy intends to file four first day motions which it believes are necessary to enable the debtors to operate in Chapter 11 with a minimum of disruption and loss of productivity.
Global Energy is a diversified renewable energy company based in Atlanta, Georgia. The company develops renewable energy projects, including biomass gasification and landfill-gas-to-energy projects.
