CleanFuel USA restructuring operations under Chapter 11

April 13, 2016 By    

CleanFuel USA announced it filed voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Western District of Texas, seeking the restructuring of its debts.

As a result of the Chapter 11 filing, CleanFuel USA says it expects to receive debtor-in-possession financing to allow for its reorganization. Both the debtor-in-possession financing and the company’s cash from operations are expected to provide sufficient liquidity to allow continued operations during the Chapter 11 process.

“We are taking this action so we can continue to strengthen and adapt our business to meet the changing dynamics in the alternative fuel industry,” says Curtis Donaldson, founder and president of CleanFuel USA, in a press release. “We intend to use the Chapter 11 process to reorganize our financial and operational structure, and position the company for the future.”

During the restructuring process, the company says it plans to continue to operate business as usual by taking on customer orders, paying vendors and offering the same services it has been known for since 1993.

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