Nova Biosource Fuels files for Chapter 11 bankruptcy protection

Nova officials say the parent company and certain subsidiares are seeking first day motions requesting approval from the U.S. Bankruptcy Court for the District of Delaware to permit them to continue to manage their properties and operate their businesses as "debtors-in-possession" under the jurisdiction of the court.

Nova, based in Butte, Montana, refines and markets ASTM D6751 quality biodiesel and related co-products.

It owns biodiesel refineries in Seneca, Illinois with a nameplate capacity of 60m gallons a year, and in Clinton, Iowa, with a nameplate capacity of 10m gallons a year.

Chapter 11 is a process that allows protection from creditors under court supervision while a company reorganizes its operations.

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Nova Biosource Fuels files for Chapter 11 bankruptcy protection