Global Energy files for bankruptcy protection

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The owner of Augusta’s old Pfizer facility filed for Chapter 11 bankruptcy protection today.

Global Energy Holdings Group, formerly known as Xethanol Corp., filed in Delaware, reporting that it had assets at about $28 million and liabilities at about $3.7 million.

Among those assets is the former Pfizer facility on Lovers Lane in Augusta, which it purchased in 2006 in order to produce ethanol. The 30-acre property has been for sale for more than a year since that project was abandoned.

Global Energy, based in Atlanta, has had no operating revenue this year and said its sole source of revenue last year was an Iowa ethanol plant that ceased production because of high corn and natural gas prices. The company sold the Iowa plant last week and is also looking for a buyer or partner for a landfill gas project in Georgia.

Global Energy warned in a recent securities filing that it needed substantial additional capital, but that the credit crunch has made it difficult to sell assets or obtain financing.

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egan01 11/25/09 - 06:26 pm
Ethanol always has been a bad

Ethanol always has been a bad fuel choice. It rakes more BTU's to make a gallon of ethanol than you get back from the ethanol when you burn it.

pizzato 11/25/09 - 06:35 pm
I'll drink to that! A

I'll drink to that! A distillery would be great there.

soldout 11/25/09 - 07:06 pm
All alternative energy

All alternative energy producers are going to be in trouble since they found the global warming crowd has been cooking the books and know they are promoting a lie.

WMartin 11/25/09 - 09:48 pm
What??????? You mean the

What??????? You mean the man-made global warming crisis was just a lie??????? Say it ain't so. It has to be true . . . they indoctrinated our children in public school to believe that it is true. What about Ted Turner's cartoon . . . Captain Planet????? Will he have to be taken off the TV????? What about all those photoshopped pics of polar bears drowning???????

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