Global Clean Energy Holdings Inc., a publicly traded company specializing in renewable fuels, has filed for bankruptcy. The filing includes a strategic plan that transfers control of the business to its creditors and CTCI Americas Inc., an engineering services firm.
The company’s bankruptcy filing comes amid ongoing financial struggles as it sought to complete its renewable energy projects. By restructuring through bankruptcy, Global Clean Energy aims to stabilize its operations under new governance led by its lenders and CTCI Americas.
The agreement is expected to provide the company with the necessary support to continue its initiatives in clean fuel production while addressing financial obligations. Further details on the timeline for implementation of the restructuring plan and the impact on shareholders are yet to be disclosed.
This development underscores the challenges faced by companies in the renewable energy sector, especially those undergoing capital-intensive expansions and navigating volatile market conditions.