Attached files
| file | filename |
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| 8-K - Global Energy Holdings Group, Inc. | v167755_8k.htm |
PRESS
RELEASE
Global
Energy Holdings Group, Inc. Files for Chapter 11 Protection
Continues
its Orderly Liquidation and Development of Business Opportunities
Atlanta,
GA, November 25, 2009 – Global Energy Holdings Group, Inc. (NYSE AMEX:GNH)
(“Global”) announced today it is voluntarily seeking to reorganize itself and
four of its subsidiaries under Chapter 11 of the United States Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware. The voluntary filing will allow Global to continue its
operations in the normal course through the financial restructuring
process.
Global
determined that it was prudent to file for Chapter 11 at this time in order to
restructure its business under the protection of the bankruptcy
court. In 2008, Global focused its operations on the
development of renewable energy projects, such as biomass gasification and
landfill gas-to-energy projects, and chose to exit its legacy ethanol
business. Global will continue an orderly liquidation of its non-core
assets and develop business opportunities upon which it may structure its
emergence from Chapter 11. The decision to pursue reorganization
under Chapter 11 came after extensive efforts to improve Global’s liquidity and
pursue strategic alternatives.
Along
with the filing of the five voluntary petitions, Global intends to file four
first day motions which it believes are necessary to enable the debtors to
operate in Chapter 11 with a minimum of disruption and loss of
productivity.
About
Global:
Global
Energy Holdings Group, Inc. is a diversified renewable energy company based in
Atlanta, Georgia. Global develops renewable energy projects,
including biomass gasification and landfill-gas-to-energy
projects. Global also coordinates and implements energy-efficiency
projects, such as cogeneration and heat recovery, for organizations that include
government agencies and the U.S. military. Global provides tailored
solutions that capitalize on the nation’s need for diverse energy resources,
while investing in promising innovations to help power the
future. For more information about Global, please visit its website
at http://www.gnhgroup.com.
This
press release includes “forward-looking statements” as defined by the Securities
and Exchange Commission. All statements, other than statements of
historical facts, included in this press release that address activities, events
or developments that Global expects, believes or anticipates will or may occur
in the future are forward-looking statements. These statements are
based on certain assumptions made by Global based on its experience and
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of
Global, which may cause its actual results to differ materially from those
implied or expressed by the forward-looking statements. Such
assumptions, risks and uncertainties are discussed in detail in Global’s filings
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with the
SEC and include, among other things, the impact of the U.S. Bankruptcy Code on
its operational plans and its continuing need for liquidity.
Contact
Information: William Newman, (212) 660-3015, wnewman@sandw.com
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