BioNitrogen gets second chance

Posted on April 15, 2016

After listening to a presentation from BioNitrogen’s new CEO about the company’s plans to re-emerge from bankruptcy, the Perry City Council approved a term sheet outlining how, if BioNitrogen is successful, the city would be reimbursed for expenses it has incurred in assisting the company in its efforts to construct a proposed $300 million urea fertilizer plant in Taylor County.

Under the term sheet, which must still be presented to the judge overseeing BioNitrogen’s bankruptcy case, the company would agree to repay 20 percent of what it owes to the city immediately upon emerging from reorganization, with the remainder coming once the company

PHOTO: New BioNitrogen CEO Graham Copley has a background in chemical engineering and financial management.

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