Creditors Given OK to Foreclose on WA Biofuel Facility
- by Kristi Pihl, August 23, 2014, Tri City Herald
[[{"type":"media","view_mode":"media_large","fid":"248","attributes":{"alt":"","class":"media-image","style":"width: 275px; height: 183px; float: left; margin: 3px 10px;"}}]]Some of Green Power's Tri-City creditors have received the green light to foreclose on the troubled biofuel company's unfinished Pasco plant.
Franklin County Superior Court Judge Cameron Mitchell recently approved a request by the creditors to foreclose on the liens they hold against the company's personal property.
Mitchell also approved a priority order for the creditors. A company called Panda Holding, which requested the decision, is first and sixth on the priority list of those who have not been paid yet.
Jose Gonzalez, owner of American Electric of Richland, and James Osterloh of West Richland, who was Green Power's former chief engineer and owner of Concrete Structures, formed Panda Holding to pursue what Green Power owes them.
Both have received court judgments for the debts owed by Green Power. Green Power owes American Electric more than $1 million for electric work on the unfinished Pasco plant. Osterloh says he's owed $4.4 million, including interest.
In total, Green Power still owes nine creditors $6.1 million, including interest, because of liens that were secured on the company's personal property, according to court documents.