Fertilizer company BioNitrogen Holdings Corp. filed for chapter 11 bankruptcy protection Tuesday in Florida, where it has been working toward building plants, the Wall Street Journal reported today. A so-called clean-tech company, BioNitrogen was set up to produce fertilizer out of agricultural waste instead of using subterranean natural gas. The company estimated debt of $3.5 million and assets worth from $1 million to $10 million, in papers filed in the U.S. Bankruptcy Court for the Southern District of Florida. In October, BioNitrogen was hit with a default judgment in favor of Annon Consulting Inc., a Canadian company that lent it $845,000 at 30 percent interest in December 2013. The debt to Annon is listed at $1.4 million in BioNitrogen’s bankruptcy court papers.
