BioNitrogen Holdings Corp., Miami, a junior company hoping to use clean technology to produce urea from biomass, announced that on Nov. 3, 2015, it filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Florida in connection with its efforts to restructure its debt and reorganize its operations. The company’s board of directors approved the bankruptcy filing.
Additionally, on Oct. 30, James Simonton, Carlis “Chic” Sabinson and Roger Imperial resigned as members of the board of directors. The bankruptcy filing and the director resignations are further detailed in the company’s Nov. 4, 2015 Form 8-K filed with the Securities and Exchange Commission.
“We seek to emerge from this process as quickly as possible in a stronger position as a company” stated Carlos Contreras, chairman and CEO.
BioNitrogen’s most recent efforts have focused on trying to build two plants in Florida. However, it has also eyed Louisiana and other states for potential project sites.
Agrium Inc. reported third-quarter net earnings from continuing operations of $99 million ($0.72 per diluted share) on sales of $2.5 billion compared to the year-ago $91 million ($0.63 per share) and $2.92 billion, respectively.
The company said the increase was due to higher sales volumes in its Wholesale unit combined with lower production costs in the unit. In the meantime, Retail earnings were similar to the prior year period, despite weaker market conditions.
Nine-month earnings from continuing operations were $788 million ($5.52 per share) on sales of $12.4 billion, up from the year-ago $728 million ($5.05 per share) and $13.3 billion, respectively.
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