Unable to turn a profit from investing in such green technologies as biofuels and reclaiming rubber from old tires, EarthFirst Technologies, based in Tampa, filed for Chapter 11 bankruptcy protection.
The company's latest setback comes after months of financial problems. Documents filed in bankruptcy court Friday reveal that EarthFirst owes at least 20 companies hundreds of thousands of dollars.
In 2007, EarthFirst generated $18.3-million in revenue, but couldn't overcome setbacks in its biofuel business or surmount millions in operational costs, bringing its year-end net loss to $9.1-million.
In January, EarthFirst dodged a big bullet after a lawsuit filed by investment firm Laurus Master Funds seeking $8.5-million in debt repayment was dismissed. According to an EarthFirst SEC filing, the lawsuit could have forced the company to fold.
Calls to EarthFirst's offices Monday went unanswered or were met with disconnect signals. A call to EarthFirst CFO Frank Barker Jr. was not immediately returned.
News
