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Aventine Wins Access To $15M In DIP Cash

Law360 (April 17, 2009, 12:00 AM EDT) -- The bankruptcy court overseeing ethanol producer Aventine Renewable Energy Holdings Inc.'s Chapter 11 case has granted interim approval of the company's debtor-in-possession financing, allowing Aventine to tap the first half of a $30 million credit facility, the company announced Friday.

The U.S. Bankruptcy Court for the District of Delaware gave its blessing following a Tuesday hearing, providing the company immediate access to an initial $15 million with which to fund its ongoing operations.

“Receiving interim approval of the DIP financing greatly enhances our liquidity position at...
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