California-based Global Clean Energy Holdings, a renewable fuels company, filed for Chapter 11 bankruptcy protection in the Southern District of Texas early Wednesday.
Citing between $1 billion and $10 billion in liabilities and assets in its original petition, Global Clean Energy and 15 of its affiliated companies hired Kirkland & Ellis as its lead legal advisor and Norton Rose Fulbright Houston partner Jason Boland as its local legal bankruptcy counsel .
The firm has hired Lazard as its investment banker and Alvarez & Marsal as its financial advisor.
The case has been assigned to U.S. Bankruptcy Judge Alfredo Perez in Houston.
In a statement, Global Clean officials said the company entered into a restructuring support agreement with support from its primary lenders.
“As we enter this next phase of our restructuring process, we are appreciative of the continued support from our existing stakeholders. Their confidence in our upstream and downstream businesses, as demonstrated by this ongoing collaboration, reinforces the opportunity GCE has in the renewable fuels market, with our ‘farm-to-fuel’ business model. I want to thank our employees for continuing to be fully engaged as we go through this process and prioritizing safety above all else. We feel confident this decision provides us the best pathway toward future success.”
The case is In re: GCE International Development. Case no. 25-90121.