Fulcrum BioEnergy files for bankruptcy protection

Fulcrum BioEnergy, Inc., a California-based company, has filed for Chapter 11 bankruptcy protection in a Delaware court.
Backed by companies including WM and Marathon Petroleum, the organisation had pledged to run the US' first waste-to-sustainable fuel factory on a commercial basis.
It opened a facility in Nevada in 2022.
Marathon is owed $858,925 and WM is owed $363,292.95.
The organisation had experienced operational challenges, resulting in terminating employment for all 100 factory employees, and suspending most of its activities last May.
It also postponed its plans for UK and Indiana facilities.
A court document states the largest creditor is the Teachers Insurance and Annuity Association of America (TIAA), having supplied a loan of around $40 million.
The company has been facing a number of lawsuits from contractors.
Liabilities disclosed by the corporation ranged from $100 million to $500 million, with the number of creditors suprassing 200.
Morris, Nichols, Arsht & Tunnell, a Delaware law firm, has been recruited by Fulcrum for the bankruptcy lawsuit.