The official committee representing unsecured creditors of Rialto Bioenergy Facility is seeking approval from the US Bankruptcy Court for the Southern District of California to employ Continental Economics as valuation consultant, according to a report by Troubled Company Reporter.
Rialto Bioenergy Facility, which owns and operates a multi-feedstock bioenergy facility in California, sought protection under Chapter 11 of the US Bankruptcy Code in May this year, with $100 million to $500 million (€93.7 million to €468.8 million) in both assets and liabilities.
The firm’s California facility is the largest of its kind in North America, and is valued at $196.6 million (€184.3 million). It utilises anaerobic digestion technology to convert the organic waste received from waste haulers into renewable natural gas (RNG).
Continental Economics will analyse and provide an expert report reviewing the methodologies used in the valuation reports in preparation for the valuation trial.
Jonathan Lesser, a member of Continental Economics, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code.
Rialto Bioenergy seeks approval from US Bankruptcy Court for valuation consultant appointment
