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Allegro Sells Biodiesel Subsidiary
US - Allegro Biodiesel Corporation based in California has sold its subsidiary, Vanguard Synfuels to Consolidated Energy Holdings, LLC.The deal sees CEH take on Vanguard's outstanding $2.9 million debt and all existing employment agreements for employees of Allegro and Vanguard.
Darrell Dubroc and Tim Collins, who are members of CEH and currently are officers and directors of Allegro, have resigned from their positions with Allegro.
Many of the members of CEH are former members of Vanguard, who sold their interests in Vanguard to Allegro in September 2006.
Allegro says the deal will eliminate all of its secured debt and most of its outstanding liabilities.
Although it will no longer have operations on the closing date, Allegro will continue as a publicly-traded corporation and will have several non-operating assets, including its remaining cash, its $1 million equity investment in Community Power Corporation ("CPC") and a $250,000 note receivable from CPC.
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