Aventine Resumes Work on Illinois Ethanol Plant
Aventine Renewable Energy plans to resume work next month on its ethanol plant located in Canton, Illinois.
In September 2011, Aventine announced it was delaying work on the plant due to uncertainty surrounding its ability to secure critical third-party technical and engineering support. Since that time, the company has secured the support necessary to move the project forward and now anticipates resuming work in early March 2012 with production expected to start this summer.
“Now is the time to move forward with this project. We have secured the critical third-party support necessary for the commissioning process. Additionally, we currently have approximately $50 million of combined cash and availability under our revolver,” said John Castle, Chief Executive Officer.
The Pekin, Illinois-based ethanol producer emerged from Chapter 11 restructuring in March 2010 after filing in February of the previous year.
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Aventine Enters Into Restructuring Agreement - Domestic Fuel
[...] Aventine Renewable Energy has announced the company has entered into a Restructuring Agreement with 100% of its term loan lenders. Under the terms of this agreement the company will convert the majority of its outstanding term loan debt into newly issued common equity, representing, on a fully diluted basis, approximately 92.5 percent of the issued and outstanding common stock after the issuance. [...]
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