City on the hook for $4.35 million BioNitrogen loan?

Posted on January 1, 2016

With the City of Perry potentially on the hook for a $4.35 million loan taken out by BioNitrogen in 2014, officials are keeping a close eye on the company’s ongoing bankruptcy case.

Despite objections lodged by attorneys for the city, the bankruptcy judge in the case agreed this week to allow BioNitrogen Holdings to utilize $40,000 in liquid funds from its affiliate, BioNitrogen Plant FL Taylor, LLC, to pay for the parent company’s continued operations under bankruptcy protection.

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