Lenders Lead Hawkeye Renewables Out Of Ch. 11

Law360, New York (June 21, 2010, 7:01 PM EDT) -- Less than six months after filing for prepackaged bankruptcy, ethanol producer Hawkeye Renewables LLC has emerged from Chapter 11 protection in the hands of first-lien lenders, which swapped roughly $600 million in debt for new equity.

Hawkeye Renewables announced its emergence Friday from the U.S. Bankruptcy Court for the District of Delaware and said it will continue to manage the two ethanol plants in Iowa that now belong to the first-lien lenders, led by first-lien agent Credit Suisse AG.

Punctuating a reasonably unproblematic bankruptcy, Judge Kevin...
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