Hereford Biofuels Files for Bankruptcy in Texas
Hereford Biofuels, L.P., formerly known as Panda Hereford Ethanol, L.P., and certain affiliates have filed voluntary chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the Northern District of Texas. The assets of Hereford Biofuels and its debtor affiliates constitute the Hereford, Texas ethanol refining facility of Panda Ethanol Inc. Neither Panda Ethanol Inc. or any of its other subsidiaries or facilities are included in the bankruptcy filing.
Panda Ethanol intends to use the bankruptcy filing to facilitate the sale of the Hereford facility under section 363 of the Bankruptcy Code. In a press release announcing the bankruptcy filing, Panda explained the situation leading to the filing:
“Although the ethanol refinery is in the late stages of construction, on December 31, Panda Ethanol was notified by Societe Generale, the administrative agent for the Hereford subsidiary’s lending syndicate, that one of the major syndicate banks had informed Societe Generale that it would not fund its share of further borrowing requests for the project. After repeated conversations with the syndicate and an unsuccessful attempt to secure debtor-in-possession financing, the Hereford subsidiary’s management concluded that the only prudent option available was to put the facility up for sale through a Section 363 sale process.”
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