Expects DiP Financing ‘to Allow for an Orderly Reorganization,’
Is Meanwhile Exhibiting at This Weekend’s NPGA Sow in Nashville
Propane autogas equipment and services provider CleanFuel USA filed for Chapter 11 bankruptcy protection this week, stating that it is seeking to restructure its debts to obtain debtor-in-possession financing to allow for an orderly reorganization. updated April 13
“Subject to court approval, the DiP financing, combined with the company’s cash from operations, is expected to provide sufficient liquidity to allow continued operations during the Chapter 11 process,” states a release.
“We are taking this action so we can continue to strengthen and adapt our business to meet the changing dynamics in the alternative fuel industry,” CleanFuel USA founder and president Curtis Donaldson said in the Chapter 11 announcement.
‘Business as Usual’
“We intend to use the Chapter 11 process to reorganize our financial and operational structure, and position the company for the future,” he said.
CleanFuel USA vowed to continue to operate “business as usual, fulfilling customer orders, paying vendors, and offering the same unparalleled service the company has been known for since 1993.”
In Nashville Right Now
The company is participating in the National Propane Gas Association Southeastern Convention & International Propane Expo, which kicks off today and runs through the weekend at the Music City Center in Nashville.
CleanFuel USA is positioned alongside Westport at the Nashville show, where they are promoting the Ford F-150 pickup with CleanFuel USA’s LPI/liquid propane injection fuel system (F&F, November 12, 2015). Powered by a 5.0-liter V-8, it’s the only U.S. EPA- and California-certified, dedicated propane autogas half-ton pickup truck on the market, and the only autogas F-150 backed by Ford under their QVM program, CleanFuel USA says (the California Air Resources Board certification is expected this month).
The company is also promoting its LPI system for 6.0-liter GM engines, as well as Elaflex ZVG2 Euro nozzle for propane fueling and P7000, P6000 and P2000 series dispensers with eConnect software technology for remote access to diagnostics and reporting.
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Source: CleanFuel USA with Fleets & Fuels follow-up