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:
CONTACT: Aventine Renewable Energy Holdings, Inc. William J. Brennan CPA, MBA, Chief Accounting & Compliance Officer 309-347-9384 Fax: 309-347-8541