Cereplast loses bankruptcy battle

The owner of a local bioresins manufacturer has lost his battle to keep the Seymour manufacturing plant up and running.

Frederic Scheer, CEO for Cereplast, filed an initial Chapter 11 bankruptcy petition to reorganize the company, but the petition was converted to a Chapter 7 liquidation bankruptcy filing on March 24 by Judge Basil H. Lorch with the U.S. Bankruptcy Court Southern District of Indiana.

The request for the conversion came from Horizon Technology Finance Inc. of Farmington, Connecticut, which Cereplast owed $2.8 million of a $5 million loan, court records state.

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