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Evergreen Energy, a Denver-based developer of alternative-fuel products, filed for bankruptcy protection this week. The company said lack of financing made it impossible to maintain operations.
The company listed assets of about $240 million and debt of $25 million in Chapter 7 documents filed in Bankruptcy Court in Wilmington, Del. Chapter 7 proceedings let companies liquidate their assets while being protected from creditors.
Evergreen “remains unable to obtain additional financing and, given its current financial condition, there is substantial doubt that the company will be able to continue operations,” Evergreen said in a Jan. 13 filing with the Securities and Exchange Commission.
Denver Post staff and wire reports
