Anaergia unit Rialto sets bid procedures for sale of assets

By Sarah Lizee

Olympia, Wash., Oct. 3 – Anaergia Inc. subsidiary Rialto Bioenergy Facility, LLC set bid procedures for the sale of its assets, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of California.

The bid procedures set out a timeline under which an auction would be held on April 8, 2024, and a sale hearing would be held on April 22, 2024.

Recently, and after substantial litigation, the debtor, lenders and UMB Bank, NA as administrative agent and collateral agent reached an agreement for a $30 million debtor-in-possession facility and access to cash collateral.

Part of that agreement includes the debtor retaining an investment banker to sell its multi-feedstock bioenergy facility in Rialto, Calif.

The debtor and the DIP secured parties agreed to certain milestones under the DIP facility, including that the debtor would retain the investment banker by Oct. 9, and obtain entry of an order approving the bid procedures motion by Nov. 10.

Anaergia is a Burlington, Ont.-based company that was created to turn organic waste into renewable natural gas, fertilizer and water, using proprietary technologies. Subsidiary Rialto Bioenergy is based in Carlsbad, Calif., and filed Chapter 11 bankruptcy on May 25 under case number 23-01467.

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