EVANSVILLE, INDIANA, U.S. — Imperial Petroleum, Inc. announced on April 6 that its wholly-owned subsidiary, e-Biofuels, LLC, has filed for Chapter 7 bankruptcy. The company also announced the resignation of Timothy A. Jones, chief executive officer (CEO) and chief financial officer (CFO).
The e-Biofuels subsidiary listed assets of $11,354,800.51 and liabilities of $17,321,036.88. A trustee has been appointed by the U.S. Bankruptcy Court for the Southern District of Indiana to oversee the e-Biofuels bankruptcy proceedings.
Jones resigned on April 4, and Jeffrey T. Wilson was appointed as president, CEO and CFO until the next regularly scheduled meeting of shareholders. CEO and CFO of Imperial and all positions with any and all of its subsidiaries, including e-Biofuels.
Greg Thagard remains as chairman of the board. The company will move its corporate offices to 101 NW 1st St, Suite 213, Evansville, Indiana, U.S., 47708.
On April 5, the board approved a resolution to hold an annual meeting of shareholders on June 20.
“Obviously the filing by e-Biofuels is a significant blow to the company’s revenues on the short-term, however it will substantially reduce the company’s overall financial liabilities which were exacerbated by the uncertainty in the biofuels business in recent months,” said Wilson. “I expect that the company will have limited revenues until the joint venture begins production which is estimated to occur in August now. We intend to pursue other joint venture projects to utilize the tar sand technology for the benefit of the company as opportunities arise. I trust that our shareholders will remain supportive as we work through this process of re-structuring.”