Clean Energy Firm Xebec Seeks to Protect US Assets in Bankruptcy

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 ...