Global Energy files for bankruptcy protection

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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