BioNitrogen fights with bank over $650,000

Posted on January 6, 2016

BioNitrogen Holdings Corp., which is in the middle of bankruptcy proceedings, has filed a complaint against Community & Southern Bank over $650,000 it says it paid down on a $5 million loan guaranteed by the City of Perry.

In the complaint, which was filed on Dec. 14 separate from the ongoing bankruptcy case involving BioNitrogen Holdings and its affiliates–including BioNitrogen Plant FL Taylor–the company alleges the payment was a preferential transfer due to the fact that it occurred only weeks before it filed for bankruptcy protection.

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