Earth Biofuels emerges from involuntary bankruptcy

By | January 17, 2008
Earth Biofuels announced in December that a petition for involuntary bankruptcy against the company has been dismissed. The biodiesel producer and marketer granted security interests to its creditors and executed a restructuring plan approved by the U.S. Bankruptcy Court in Delaware. At one point, the company's board of directors included celebrities Willie Nelson, Morgan Freeman and Julia Roberts. It sells biodiesel under Nelson's brand name, "BioWillie." However, Nelson resigned from the board of directors in April and dumped $6 million of stock when the company suffered operational inefficiencies that resulted in growing debt. Earth Biofuels will overcome its financial problems, a company spokesman said.
 
 
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