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DJ Global Energy Enters Chapter 11 To Sell Nonessential Assets

Posted on: Wed, 25 Nov 2009 13:25:00 EST

Symbols: GEYIE

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Nov 25, 2009 (Dow Jones Commodities News via Comtex) --
GEYIE | Quote | Chart | News | PowerRating -- e>By Jacqueline Palank
Of DOW JONES DAILY BANKRUPTCY REVIEW

Renewable-energy company Global Energy Holdings Group Inc. (GNH) filed for Chapter 11 bankruptcy protection Wednesday.

The Atlanta company said its restructuring will allow it to continue its exit from its legacy ethanol business as it trains its focus on developing renewable-energy projects, a business strategy it first put into play last year.

"Global 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 company said in a statement.

Global said it arrived at the decision to file for bankruptcy after undertaking "extensive efforts" to improve its liquidity and pursue strategic alternatives.

Global, which said it plans to continue normal operations as it restructures, develops such renewable-energy projects as biomass gasification and landfill-gas-to-energy projects. It also coordinates and implements energy-efficiency projects for such organizations as government agencies and the U.S. military.

In Global's Chapter 11 petition, filed with the U.S. Bankruptcy Court in Wilmington, Del., the company reported $24.5 million in assets and $5 million in debts.

Four of Global's subsidiaries--Augusta Biofuels LLC, GES-Live Oak Hickory Ridge LLC, Spring Hope Biofuels LLC and Xethanol Biofuels LLC--also filed bankruptcy petitions Wednesday, court papers show.

Bankruptcy Judge Peter J. Walsh has been assigned Global's bankruptcy proceeding, numbered 09-14192.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

-By Jacqueline Palank, Dow Jones Daily Bankruptcy Review; 202-862-6615; jacqueline.palank@dowjones.com

(END) Dow Jones Newswires

11-25-09 1325ET

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