Omni ran out of cash as it tried to commercialize a process for turning city garbage into clean fuel, according to filings in Ontario court. It has assets of about $1 million against liabilities of $105.8 million. A judge approved a restructuring to conclude by March 7. (The Logic)

Talking point: Plans for Omni’s first installation, a California project backed by fintech billionaire Chris Larsen, have wallowed in permitting delays, according to Omni’s filings. A similar fate befell Omni’s predecessor, Plasco Energy Group, which got as far as building a demonstration plant in Ottawa before it failed (Omni’s chair, longtime tech entrepreneur Rod Bryden, was behind Plasco as well). CEO Jonathan Lundy wrote in an affidavit that Omni’s technology is sound  but it needs to restructure its debt and raise new equity financing to be viable, adding that current majority shareholder Peter Fraser won’t fund it in its current state.