Coup in Oklahoma: Syntroleum CEO, founder both booted as company restructures, refinances

In Oklahoma, both the founder and CEO of Syntroleum announced their resignations, as the company also announced 16 layoffs aimed at improving the company’s bottom line.

The company, founded in 1984, has never recorded a profit.

In June, Syntroleum formed a joint venture company, Dynamic Fuels, in partnership with Tyson Foods, which will build and operate a biodiesel plant in Geismar, Louisiana using Tyson’s animal wastes as feedstock. The Dynamic Fuels plant is scheduled to open in 2010 with an initial capacity of 76 Mgy. Concurrent with the layoffs and management changes, the company announced that it will raise $12 million in new equity from Fletcher Asset Management of New York.

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