Aventine Wins Bid For Cash, 10 Other 1st-Day Motions

Law360, New York (April 13, 2009, 12:00 AM EDT) -- Ethanol producer Aventine Renewable Energy Holdings Inc. has received approval for 11 first-day motions in its Chapter 11 proceedings, including use of cash collateral provided by current lien holders against the company.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware approved Aventine's requests following a Thursday hearing.

With a hearing set for April 14 on a $30 million debtor-in-possession financing package from certain bondholders, Judge Gross granted Aventine's request to use cash collateral held by several holders of liens to fund...
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