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CHOREN’s insolvency administrators intend to restructure or sell
16 July 2011
CHOREN Industries GmbH, along with its two German subsidiaries, declared insolvency on 8 July (earlier post). The temporary insolvency administrators appointed for the three companies—Bruno Kübler, Bettina Breitenbücher and Tim Brune of the German law firm Kübler—say they intend to restructure the CHOREN Group through an insolvency plan or through sale of the group to an investor.
The non-German subsidiaries in the US and China are unaffected by the insolvency proceedings.
Currently CHOREN is commissioning a demonstration plant in Freiberg for the generation of second-generation biofuels based on “Carbo-V”, the CHOREN technology for synthetic gas. Shareholders of the CHOREN Group include Gasification Holding GmbH, the Acorma Corporation and an array of private investors. Smaller shares are held by the automobile groups Daimler AG and Volkswagen AG.
The insolvency was brought about as the result of financing difficulties associated with the commissioning of the synthetic-gas demonstration plant.
(A hat tip to John!)
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