Biogasoline company Terrabon files for Chapter 7 liquidation
10 September 2012
Terrabon, a company commercializing a waste-to-biogasoline technology developed at Texas A&M, (earlier post), has filed for bankruptcy protection under Chapter 7 of the Federal bankruptcy laws. Under Chapter 7 proceedings, the company’s operations cease and a trustee will be tasked with liquidating the company’s assets for the benefit of creditors.
In January 2011, Terrabon, Inc. reported that it had exceeded its target yield threshold of 70 gallons of biogasoline per dry ton of garbage received from the cafeteria dumpsters and paper shredders at Texas A&M University. (Earlier post.)
In a short statement issued on Friday, the company said that it could not obtain additional corporate funding to finish developing and engineering its first commercial-scale plant.
Suspension of operations resulted in lay-offs of approximately 60 full-time employees, effective with the bankruptcy filing.
Terrabon, Inc. was formed in 1995 to commercialize technologies developed by the Texas Engineering Experiment Station, a member of the Texas A&M University System. The MixAlco technology converts biomass to bio-gasoline. SoluPro is a bio-products process that converts inexpensive protein-bearing waste material into animal feed and “green” commercial adhesives.
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