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February 11, 2016 11:04 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Blue Sun Biodiesel, LLC

Company Overview

Blue Sun Biodiesel, LLC produces and markets renewable fuel products for wholesale customers in the United States. It produces biodiesel from vegetable oils and non-food feed stocks. The company was founded in 2001 and is based in Lakewood, Colorado with terminal operations for biodiesel in Knoxville, Tennessee. On July 31, 2015, Blue Sun Biodiesel, LLC filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Missouri. It’s in joint administration with Blue Sun St. Joe Refining, LLC.

1687 Cole Boulevard

Suite 100

Lakewood, CO 80401

United States

Founded in 2001

Phone:

303-865-7700

Fax:

866-231-3509

Key Executives for Blue Sun Biodiesel, LLC

Chief Executive Officer and Director
Age: 65
Chief Financial Officer and Vice President
Age: 71
Chief Operating Officer
Age: 57
Vice President of Technology & New Business
Compensation as of Fiscal Year 2015.

Blue Sun Biodiesel, LLC Key Developments

First Amended Liquidation Plan Filed by Blue Sun St. Joe Refining, LLC

Blue Sun St. Joe Refining, LLC, along with its affiliates, filed a first amended plan of liquidation in the US Bankruptcy Court on January 15, 2015. As per the plan filed, there are no changes in the treatment of claims.

Bidding Procedure Approved for Blue Sun St. Joe Refining, LLC

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Blue Sun St. Joe Refining, LLC on December 24, 2015. The Court approved the amended asset purchase agreement between the debtor and John and Joann Horton Family Limited Partnership, the stalking horse bidder. As per the amended agreement, the debtor shall sell substantially all the assets for a credit bid of $3.75 million and shall not be entitled to any break-up fee. To qualify as a qualified bidder, interested parties should submit their bids by February 5, 2016. The initial minimum overbid should be in the amount of $0.15 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on February 11, 2016. At the auction, the subsequent bids would be in increments of $0.05 million. The sale hearing is scheduled for February 12, 2016.

Joint Liquidation Plan and Disclosure Statement Filed by Blue Sun St. Joe Refining, LLC and Affiliates

Blue Sun St. Joe Refining, LLC, along with its affiliates, filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on November 12, 2015. As per the plan filed, administrative expense claims, professional fee claims, US Trustee fees and priority tax claims shall be paid in full in cash. DIP obligations shall be paid in full and in cash. Priority non-tax claims shall be paid in full on the effective date out of the applicable dividend fund in the event there are sufficient funds in the applicable dividend fund to pay such allowed claims. If no sufficient funds are available in dividend fund, they shall be paid with interest at 2% p.a. Secured claims shall be satisfied through abandonment or transfer of collateral or from the sale of such assets. If there is any deficiency, it will be treated as an unsecured claim. Unsecured claims shall receive its pro rata share of the applicable dividend fund. Equity security interests shall be cancelled and no distribution shall be made to them. Intercompany claims shall be deemed settled and compromised for no distribution. The plan shall be funded from sale of debtors’ assets.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 11, 2015
--
Merger/Acquisition
November 11, 2015
Blue Sun Advanced Fuels, LLC
 

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