Fayetteville, Arkansas - BioBased Technologies has been offered funding that it can used as the basis for drafting its plan of reorganisation under Chapter 11. The US-based producer of soya-oil-based polyols, which went into bankruptcy protection 8 Sept, said it received the offer this week from an existing investor.
The reorganisation plan is being developed at the moment, and will be submitted to the court for review and approval, said a 21 Sept announcement from the Fayetteville, Arkansas-based company.
BioBased has continued its normal manufacture of bio-poyols and bio-polyol based spray foam polyurethane insulation since filing for Chapter 11, and said that "the focus of the filing is on restructuring debt."
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