Houston Bioenergy Company Terrabon Files for Chapter 7 Bankruptcy Protection
HOUSTON -- Terrabon, a Houston-based bioenergy company, has filed for bankruptcy protection under Chapter 7 of the Federal bankruptcy laws. Under Chapter 7 proceedings, the company’s operations cease and a trustee will be tasked with liquidating the company’s assets for the benefit of creditors.
"It is with great disappointment we announce Terrabon has been unable to obtain additional financing and must suspend operations,” said Gary Luce, CEO of Terrabon. “This is a sad day for Terrabon’s employees, partners, suppliers and vendors who never wavered from their robust support of our company and the technology we deeply believe in. We want to thank them and convey how deeply we appreciate their steadfast loyalty during our journey to become an additional source of alternative energy for the United States."
Despite the increasing market excitement about Terrabon and its award-winning MixAlco® technology platform that converts low-cost, readily available, non-food, non-sterile biomass into renewable drop-in transportation fuels such as gasoline and jet fuel, the company could not obtain additional corporate funding to finish developing and engineering its first commercial-scale plant.
Suspension of operations resulted in lay-offs of approximately 60 full-time employees, effective with the bankruptcy filing.
Further information about the company can be found on Terrabon’s website, www.terrabon.com.
About Terrabon
Terrabon, Inc. is a bioenergy technology company formed in 1995 to commercialize technologies developed by the Texas Engineering Experiment Station, a member of the Texas A&M University System. Terrabon planned to deploy these cutting-edge technologies through licensing and joint venture arrangements. Its MixAlco® technology converts biomass to green gasoline. SoluPro™ is a bio-products process that converts inexpensive protein-bearing waste material into animal feed and "green" commercial adhesives. These technologies are exclusively licensed to Terrabon by the Texas A&M University System through its Office of Technology Commercialization. Please visit Terrabon’s website at www.terrabon.com.
