Nova Biosource Files Bankruptcy

March 30, 2009 | Nova Biosource Fuels, Inc., a refiner and marketer of ASTM quality biodiesel, announced today that it and certain of its subsidiaries (collectively, the “companies”) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The companies are seeking first day motions requesting approval from the bankruptcy court to permit the companies to continue to manage their properties and operate their businesses as “debtors-in-possession” under the jurisdiction of the court. Certain subsidiaries were not included in the Chapter 11 filing.

The companies also announced that they have appointed Brent King of Prairie Financial Advisors, LLC, as vice president/chief restructuring officer of the companies. In his new position, King will be responsible for the bankruptcy process and financial operations of the companies.

Blank Rome, LLP, serves as bankruptcy counsel to the companies in connection with the Chapter 11 cases.