DORAL, Fla., June 27, 2017 /PRNewswire/ -- BioNitrogen (OTC PINK: BIONQ) is today confirming that it was unable to reorganize under the protection of the Chapter 11 process given the unproven nature of the technologies and the difficult environment in the global Urea market over the last 2 years. There were no bidders for the business and the company was unable to raise fresh capital despite several promising leads – in large part due to the very depressed nature of global energy and Urea pricing.
With agreement of all major unsecured creditors, the intellectual property of the company was transferred to the one secured creditor, Annon Consulting, Inc., in lieu of its secured claim. This formed part of a broad agreement presented to the Bankruptcy Court in Florida on April 25th 2017 and approved earlier this month – June 7th.
After several further weeks of review, it has been concluded that there are no business opportunities for BioNitrogen given its lack of both assets (Intellectual Property) and cash. BioNitrogen has ceased all other operations, effective immediately. The company has requested that FINRA de-list the stock from the OTC exchange and this request is pending approvals. Chairman and CEO, Graham Copley will step down from his role as soon as the delisting process is complete.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bionitrogen-announces-results-of-chapter-11-process-the-shutdown-of-all-corporate-activity-and-the-resignation-of-chairman-and-ceo-graham-copley-300480545.html