BioNitrogen Holdings Corp., a Doral-based “cleantech” firm whose facilities convert biomass into fertilizer using a patented procedure, recently achieved an understanding with the Federal Bankruptcy Court in Miami in order to reorganize under Chapter 11.
The court granted BioNitrogen permission to propose a restructuring plan for an additional 90 days on May 24. Coincidentally, on the same date, the company received a partnership proposal from a top industrial gas business contingent on reorganization plans going through.
The communication was distributed to all prospective financial partner entities with a non-disclosure agreement (NDA), and the firm in question indicated readiness to participate in discussion with other potential investors. BioNitrogen (or BioN) intends to continue to produce its urea-based fertilizer product regardless of recent fluctuations in the natural gas market.
"This has been another important week for BioNitrogen as we look to align ourselves with the right investor(s) to build the first of these unique and very valuable facilities,” Graham Copley, BioNitrogen Holdings chairman and CEO, said. “Our strategic partner has decades of engineering and design experience and has spent significant time and resource vetting the technology. We expect to be ready to start construction within six months from a successful Chapter 11 reorganization. I continue to believe that BioNitrogen represents an investment opportunity with an extraordinarily positive asymmetric risk/reward profile."
The company recently reached an accord with the city of Perry, Florida with plans to build its first facility in Taylor County. It has obtained county and state financing support, county backing for land and infrastructure needs, and a “world class” partner committed to engineering and equipment fulfillment.