Global Energy Holdings Group files Chapter 11

AP News
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Posted: Nov 25, 2009 2:21 PM

Global Energy Holdings Group, an Atlanta-based renewable energy company, has filed for Chapter 11 bankruptcy protection in Delaware.

In a filing Wednesday, Global estimated assets at about $28 million, and liabilities at about $3.7 million.

Global Energy, formerly known as Xethanol Corp., 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.

Global 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.