The US Bankruptcy Court has ordered the auction of an activated Hawaii carbon processing facility and biomass power plant formerly owned by Big Island Carbon and its affiliates.
Tiger Group’s Remarketing Services Division and Aaron Equipment Company are conducting bid offering for processing and sustainable biomass energy facility.
Assets of the facility and power plant are being liquidated in a sealed bid offering that closes on 4 April.
Bankruptcy trustee Charles A Stanziale of McCarter & English is directing the sale.
Tiger remarketing services president Jeff Tanenbaum said companies involved in the activated carbon industry and in sustainable biomass energy would likely be interested in this facility.
"The Big Island plant was built to crush, size and char locally-grown macadamia nut shells, and then activate the charred products in a ‘green,’ non-chemical manner," Tanenbaum said. "The on-site biomass power plant is equipped to support the facility with energy generated from pyrolysis oil synthesized by the process."
Denham Capital Management has invested more than $40m to develop the facility, which ran out of funding before it could begin full production.
In November 2012, the company filed for Chapter 7 bankruptcy in the Delaware Bankruptcy Court. According to former management, the facility initially produced and tested a high grade of activated carbon.
The facility has received all required construction and operating permits, including the Title V air permit for the power plant. Big Island Carbon has also received all required operating permits.
To comply with the Bankruptcy Court Order, the facility must be sold. The only question is whether Tiger and Aaron will find an operator, as opposed to selling the facility for its parts.
"Our firm was very successful in 2013 in securing turnkey operators for dormant facilities; this is always our top priority," Tanenbaum added. "The ability to purchase this facility at distressed asset value creates a huge opportunity for the right company ready to act."
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