Biodiesel Company Goes Belly Up

A New Jersey biodiesel company has filed for bankruptcy.

According to a Reuters reports, U.S. Bioenergy of America, Inc. based in Edison, N.J., has filed for bankruptcy.  In the U.S. Bankruptcy Court in Trenton, N.J., the company listed debts of $10 million to $50 million and assets between $1 million and $10 million.

Record high soybean prices are hurting biodiesel production. The biggest biodiesel producer on the west coast, Imperial Renewables, Inc, halted plans for an initial public offering earlier this month. Unfavorable market conditions were given as the reason for the withdrawal.

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