The Henry, Ill.-based fertilizer manufacturer that went by the names Centilian and Unity Envirotech filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on March 12, 2021.
Centilian/Unity listed total liabilities of $36. 2 million and assets valued at $5.4 million. Secured debt was $23.3 million and unsecured $12.9 million.
Secured creditor Silverpeak Credit Opportunities, Rye, N.Y., was listed as entitled to $13.9 million, with the next secured creditor listed as Turning Rock Partners, New York City.
Of the $12.9 million in unsecured creditors, there was a handful of fertilizer-related companies, including technology provider Veolia North America Inc., Birmingham, Ala., $6.6 million; Old World Specialty Products, Northbrook, Ill., $2.4 million; Winfield Solutions LLC, St. Paul, Minn., $2.1 million; and Shrieve Chemical Co. Inc., Woodlands, Texas, $838,778.
At last report, the company had been producing ammonium sulfate and turf products and had sought to grow capacity up to 165,000 st/y. In its short history starting in 2017, it had offtake agreements for AS with Wilson Industrial Sales, Rensselaer, Ind. (GM July 2, 2020), Old World Industries (GM Sept. 6, 2019), and United Suppliers, Ames, Iowa (GM Sept. 22, 2017), now a part of Winfield United, which in turn became a part of Land O’Lakes Inc., Arden, Minn.
United Suppliers had sold the facility to Unity Envirotech of Illinois LLC in 2017. The parties also agreed to a 100 percent offtake agreement for United Suppliers to receive all of the ammonium sulfate produced at Henry. At the time, Unity Envirotech said it planned to make ammonium sulfate and several other products at the site.
United Suppliers had used the Henry location to produce homogenous dry blends and specialty fertilizer products, and also to store phosphate fertilizers. United Suppliers purchased the Henry location from Agrium Inc. in 2002 (GM March 4, 2002). Agrium had previously used the facility primarily as a manufacturing site for dry granulated products geared toward the turf and specialty markets. Agrium is now a part of Nutrien Ltd., Saskatoon.
The Chapter 7 filing had both real and personal property assets listed for sale. While Green Markets sought an update from the Bankruptcy Trustee, it had not been provided a press time. The facility sat on some 236 acres.
Gross revenues from the business were listed as $9.51 million in 2020, $7.6 million in 2019, and $9.2 million in 2018.