Fayetteville, Arkansas -- BioBased Technologies announced on 8 Sept that it had filed for Chapter 11 bankruptcy protection, a move which the Fayetteville, Arkansas-based bio-polyol and insulation supplier said would allow it to carry out needed financial restructuring.
The company said it would continue operations as normal while a plan is developed to reorganise the company's debt.
BioBased Technologies makes Agrol brand soya-based polyols as well as BioBased Insulation, a line of spray polyurethane foam insulation, using the polyols.
In its announcement, the company said, "The focus of this bankruptcy filing is on restructuring debt. The filing is not expected to negatively impact business operations of the company, its employees, its customers or vendors."
A BioBased spokesperson said that Walter Smiley is the interim chief executive officer. Smiley has replaced Tom Muccio, who left the company in February.
BioBased's Chapter 11 filing lists estimates of assets for the company in the range $1 to $10 million and estimated liabilities of $10 to $50 million, the spokesperson confirmed.
In 2006, a study for the US Center for the Polyurethanes Industry put the consumption of bio-polyols in the US at 20 million lbs, in all uses, with the total US polyol market at 2900 million lbs.