Willie Nelson’s Place, featuring BioWillie biodiesel, to open in Texas with restaurants and stores.
In Texas, Willie’s Place at Carl’s Corner will open south of Dallas, in Hillsboro. The biodiesel truck stop will feature Willie Nelson’s BioWillie branded biodiesel, two restaurants, a convenience store, a saloon and a gift shop selling Willie Nelson merchandise. The exclusive rights to BioWillie are owned by Earth Biofuels, which recently announced it had secured an undisclosed amount of financing to complete construction of its signature biodiesel station.
In November, Earth Biofuels said that it has executed a settlement agreement with a group of creditors that would dismiss the group’s petition for involuntary bankruptcy. Under the agreement, Earth Biofuels issued securities to the creditors and will execute a restructuring plan by March 2008.
Earth BioFuels will repay interest and fees plus more than $100 million in principal, and the company’s CEO will issue a limited personal guarantee. The company recorded a loss of $21 million on revenue of $4.8 million in the first half of 2007.
Last October, the Willie Nelson-backed company, in its latest SEC filing, expressed doubt over its ability to survive. Earth Biofuels (EBOF.OB) is a component stock in the Biofuels Digest Indexâ„¢.
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