- Associated Press - Wednesday, December 23, 2015

HOPEWELL, Va. (AP) - The former operator of an ethanol plant in Hopewell is now planning to pay its debts under Chapter 11 bankruptcy protection after several of its creditors tried to force the company to liquidate.

The Richmond Times-Dispatch (https://bit.ly/1QL9T0M ) reports that Vireol Bio Energy LLC received approval Dec. 14 from the U.S. Bankruptcy Court in Richmond to convert its case to a Chapter 11 bankruptcy, which enables companies to work with creditors on a plan to pay debts.

Several of the company’s creditors, including Dominion Virginia Power, had asked the court in November to force the company into an involuntary Chapter 7 liquidation of its assets, saying they were owed more than $2 million.

Vireol, a subsidiary of a United Kingdom-based company, announced it was suspending production in August, citing falling gasoline prices.

___

Information from: Richmond Times-Dispatch, https://www.timesdispatch.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide