Current posture

What matters now

Viridis Chemical is now in a post-effective-date wind-down after selling substantially all assets and consummating a chapter 11 liquidation plan; the remaining work is principally estate administration, claims resolution and final professional compensation. The sale to BioUrja Capital closed on May 26, the plan was confirmed in July and became effective July 10, according to debtor counsel’s final fee application Dkt. 232. Viridis and four affiliates filed chapter 11 on March 8, 2026, after construction overruns and delays at the Peoria, Illinois ethyl-acetate facility, disruption involving a critical dehydration unit, and deteriorating product economics depleted liquidity. Construction had stopped in December 2025, operations were paused and the debtors were generating no revenue. They entered bankruptcy with approximately $13.5 million in funded debt—$10 million of senior secured convertible notes and $3.5 million of subordinated unsecured notes—and pursued investor outreach for either new capital or an asset sale, as detailed in the first-day declaration Dkt. 5. The court authorized consensual cash-collateral use rather than a new-money DIP facility, subject to secured-noteholder oversight, rolling budgets, weekly reporting and a 115% aggregate disbursement variance…

Updated Aug 6, 2026