In February 2009, Aventine and its subsidiaries filed voluntary petitions under chapter 11 of the US bankruptcy code in the district of Delaware. The company had secured debtor-in-possession financing from its pre-petition unsecured noteholders that enabled it to continue ongoing operations.
Mr Manuel said: “Emerging from bankruptcy with good liquidity, modest debt and lower overhead costs, Aventine is well positioned to be one of the low cost providers of ethanol on a national basis. I am very optimistic about the ethanol industry and our success going forward. We have put in place a strong leadership team with decades of experience.”
“The ethanol industry has sound long-term prospects and we anticipate a strong rebound as the biofuels mandate continues to increase. Aventine will emerge as a much stronger business with all the key pieces: a restructured balance sheet, excellent liquidity, and a committed group of employees led by a new senior management team.”
Aventine also plans to resume the construction of its two partially completed 108 million gallon bio-refineries in Aurora, Nebraska and Mt Vernon, Indiana. Both construction projects were within months of completion when work was suspended prior to Aventine’s filing for bankruptcy protection.
