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Clean Energy Firm Xebec Seeks to Protect US Assets in Bankruptcy

Sept. 30, 2022, 5:42 PM

Xebec Adsorption Inc. put its US business into bankruptcy Friday in order to protect the unit’s assets from creditors while the clean energy company reorganizes in Canada.

  • Xebec Holding USA Inc. and several affiliates filed Chapter 15 petitions in US Bankruptcy Court in Wilmington, Delaware
    • Chapter 15 prevents creditors from seizing or taking legal actions against US-based assets while a company reorganizes in another country
  • Xebec has offices and other facilities in the US, including a business that supplies nitrogen generators to the US Navy
  • The company also filed for court protection in Canada, where a court-approved monitor will help ...