Anaergia unit Rialto eyes another extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 18 – Anaergia Inc. subsidiary Rialto Bioenergy Facility, LLC is seeking another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of California.

Specifically, the company asked the court to extend the exclusive plan filing period through May 31 from Feb. 19 and the exclusive solicitation period through July 31 from April 19.

The company noted that it has received brief extensions of its exclusivity periods, without objection.

However, UMB Bank, NA, in its capacities as trustee and debtor-in-possession facility agent, filed a reservation of rights in connection with the second request, in which UMB voiced its concerns regarding the debtor’s statements indicating that it intends to file a plan during the sale process and before bids are due.

“The debtor requests a further extension of its exclusivity periods in order to continue to consider UMB’s concerns prior to filing a plan but reserves the right to file an ‘acceptable plan’ as the debtor deems necessary and appropriate,” the company said in the motion.

Anaergia is a Burlington, Ont.-based company that was created to turn organic waste into renewable natural gas, fertilizer and water, using proprietary technologies. Subsidiary Rialto Bioenergy is based in Carlsbad, Calif., and filed Chapter 11 bankruptcy on May 25, 2023 under case number 23-01467.

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