Panda Ethanol goes bankrupt
Stockholders in Nevada's Panda Ethanol have voted to approve a voluntary dissolution and plan of liquidation.
After payment of all outstanding claims to the company’s creditors, preference shareholders will receive up to $2.5 million (€1.4 million) in funds and assets, together with any unpaid dividends. Panda does not believe any funds or assets will remain for distribution to common shareholders.
The company’s Hereford-based ethanol refinery separately filed for Chapter 11 bankruptcy in January. The plant had produced ethanol from local cow manure.
After payment of all outstanding claims to the company’s creditors, preference shareholders will receive up to $2.5 million (€1.4 million) in funds and assets, together with any unpaid dividends. Panda does not believe any funds or assets will remain for distribution to common shareholders.
The company’s Hereford-based ethanol refinery separately filed for Chapter 11 bankruptcy in January. The plant had produced ethanol from local cow manure.
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