Restructuring

Our earlier post on Western Biomass incorrectly stated that the bankruptcy court approved the sale to American Process, Inc.  Instead, the court, which had converted the case to a chapter 7 liquidation five days earlier, stated that “it is in the best interests of the estate and its creditors to allow interested parties to bid” and directed the chapter 7 trustee to “evaluate and determine whether a telephone auction between interested parties is in the estate’s best interest and proceed accordingly in the immediate future . . . .”  Our corrected post can be found here.