PEKIN, Ill., Sept. 30, 2010 (GLOBE NEWSWIRE) -- Aventine Renewable Energy Holdings, Inc. (OTCBB:AVRW), a leading producer of ethanol, has commenced a pro rata quarterly distribution of shares of the company's common stock to holders of the company's former 10% senior unsecured notes due 2017, or the old notes, and to holders of allowed general unsecured claims against the bankruptcy estate of the company. In connection with the quarterly distribution of shares, 32,935 shares of common stock are being distributed to holders of old notes and 10,896 shares are being distributed to holders of allowed general unsecured claims.
The shares are being distributed pursuant to the terms of the Debtors' First Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code Dated as of January 13, 2010, confirmed by the U.S. Bankruptcy Court for the District of Delaware on February 24, 2010, under which the company emerged from Chapter 11 bankruptcy protection on March 15, 2010.
Including this quarterly distribution the company will have issued approximately 7.4 million shares of common stock, with approximately 1.2 million shares left for further distributions. As of September 30, 2010, approximately 20 claims of recovery from the company's bankruptcy case remain disputed, although the claims continue to be reduced by virtue of the ongoing claims reconciliation process.
The CUSIP number of the shares of common stock of the company is 05356X700.
About Aventine Renewable Energy Holdings, Inc.
Aventine is a leading producer and marketer of ethanol to many leading energy companies in the United States. In addition to ethanol, Aventine also produces distillers grains, corn gluten meal, corn gluten feed, corn germ and brewers' yeast. Aventine's internet address is www.aventinerei.com.
Forward Looking Statements
Certain information included in this press release may be deemed to be "forward looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release, are forward looking statements. Any forward looking statements are not guarantees of Aventine's future performance and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements. Aventine disclaims any duty to update any forward looking statements. Some of the factors that may cause Aventine's actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements include the following:
- Our ability to obtain and maintain normal terms with vendors and service providers;
- Our estimates of allowed general unsecured claims, unliquidated and contingent claims and estimations of future distributions of securities and allocations of securities among various categories of claim holders;
- Our ability to maintain contracts that are critical to our operations;
- Our ability to attract and retain customers;
- Our ability to fund and execute our business plan and any ethanol plant expansion projects;
- Our ability to receive or renew permits to construct or commence operations of our proposed capacity additions in a timely manner, or at all;
- Laws, tariffs, trade or other controls or enforcement practices applicable to our operations;
- Changes in weather and general economic conditions;
- Overcapacity within the ethanol, biodiesel and petroleum refining industries;
- Availability and costs of products and raw materials, particularly corn, coal and natural gas and the subsequent impact on margins;
- Our ability to raise additional capital and secure additional financing, and our ability to service our debt or comply with our debt covenants;
- Our ability to attract, motivate and retain key employees;
- Liability resulting from actual or potential future litigation; and
- Plant shutdowns or disruptions.