Synergy Technologies Files for Chapter 11 Bankruptcy
Synergy Technologies Corp. (Conroe, TX) announced that it has filed for protection under Chapter 11 of the US Bankruptcy Code in order to execute an orderly reorganization of its business. Synergy and its board of directors had considered a number of options, including restructuring, refinancing and a strategic sale of all or part of its business before determining that reorganization of operations offered the best alternative for the benefit of its creditors and shareholders.
Carbon Resources Ltd., a wholly owned subsidiary of Synergy, also filed for protection under Chapter 11. Synergy Technologies is in the process of developing a plan for the reorganization of the company's operations under the supervision of the Bankruptcy Court.