Clean Energy Company Files for Bankruptcy Protection

by San Antonio Attorney

An Austin-based clean energy company, focused on vehicles powered on propane, recently filed for Chapter 11 bankruptcy protection.  The company has an estimated debt of $10 million-$50 million.

CleanFUEL USA, whose headquarters is in Georgetown, filed for bankruptcy last April 3.  The filing was made in the United States Bankruptcy Court located in the Western District of Texas.  This is in hopes that the reorganization plan will maintain its operations.  The roster reveals 200-999 creditors.

The largest creditor listed has a debt of $1.9 million owed to the large-scale United Loan Processing in Charleston, West Virginia.  There is another $1.8 million in debt from the United States Department of Energy in West Virginia.  South Coast Partners in Austin are also owed by an amount of $1.1 million.

CleanFUEL USA, a company founded more than 25 years, was spearheaded by Curtis Donaldson.  The company manufactures equipment that converts the vehicles from gasoline power into propane.  Other services include propane refueling infrastructure and fleet conversion services.

In 2014, CleanFUEL initially closed a deal with courier UPS.  They were to supply liquid propane injection systems to the parcel carrier’s fuel trucks and depots.

CleanFUEL ranked 20th place on the Aggie 100 list last 2015.  This list was formed by the graduates of Texas A&M University graduates and placed the ranks by revenue growth in 2012-2014.

CleanFUEL, which employs 15 workers, has been dubbed as the 11th biggest cleantech company in Austin, Texas.  This data was compiled by the Austin Business Journal.

The company has hired C. Daniel Roberts as their legal representative for the bankruptcy proceedings.  There will be a creditors meeting in the upcoming week in 902 San Jacinto Street in Austin.  The deadline to provide evidence for a claim is scheduled on August 1, this year.

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