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Ethanol producer files chapter 11

By David Hannon -- Purchasing, 4/30/2009 2:00:00 AM

Aventine Renewable Energy Holdings Inc. filed for Chapter 11 bankruptcy protection in April, the latest ethanol producer to fall victim to the erratic swings in the market and increasing commodity costs. CEO Ron Miller said in a statement Aventine is challenged by a difficult market environment, and the filing will allow it to operate without interruption.

"We will use the Chapter 11 process to more rapidly restructure our overhead, pursue potential investors, and definitively resolve our debt issues," Miller said in a statement.

As reported in Purchasing recently, poor demand for ethanol has sparked a wave of bankruptcy filings over the past year by major ethanol producers, including VeraSun, Renew Energy, Cascade Grain Products, and Northern Biofuels. Other companies have closed their plants temporarily or have shelved expansion plans.

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