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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!)

July 16, 2011 in Brief | Permalink | Comments (3) | TrackBack (0)

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Comments

Robert Rapier had high hopes for Choren at one time, IIRC.

It appears that doing BTL the right way is hard.

"I continue to believe that the long-term future of gasification is bright, and have cited on several occasions the fact that there are natural gas and coal gasification facilities around the world producing at scales of tens and even hundreds of thousands of barrels per day..."

http://theenergycollective.com/robertrapier/60963/what-happened-choren

"..Choren has done a good job documenting everything, and it will be perserved. Don't count them out yet; they have no debt and still have a good chance of ultimately running that plant in my opinion."

RR

http://theenergycollective.com/robertrapier/60963/what-happened-choren

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