Bankruptcy court approves first $15 million in new financing for Aventine

In Illinois, Aventine Renewable Energy said that the Bankruptcy Court has approved its debtor-in-possession financing package, permitting the company to access $15 million in financing, allowing the company to move forward with payments to suppliers and employees.

A hearing is scheduled for May 5th on the remaining $30 million in the DIP package. The company filed on April 7th to reorganize under Chapter 11 of the Bankruptcy Code.

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